Saturday, May 30, 2015Saturday, May 30, 2015

GIC leads $212 million investment in Brazil's online retailer

Published on May 7, 2014 12:26 AM

SINGAPORE (REUTERS) - Brazilian online sports goods retailer Netshoes has received a new round of US$170 million (S$212 million) investment led by Singapore's sovereign wealth fund GIC.

Other investors include Tiger Global Management, Singapore state investor Temasek Holdings, Iconiq Capital and Kaszek Ventures, GIC said in a statement.

Netshoes is the largest pure play e-commerce company for sporting goods in the world with a presence in Brazil, Argentina, and Mexico, GIC said.

GIC will also have a seat on the board, which is formed by the top executives of the company, members of investment funds and independent advisors such as Paul Tagliabue, the former head of American football's National Football League.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!