Seattle: E-commerce start-up Jet.com announced a $350 million (Dh1.28 billion) cash infusion on Tuesday led by Fidelity Investments, providing money to help the company attract customers during its first holiday shopping season.
An additional $150 million investment is “expected shortly,” the Hoboken, New Jersey-based company said Tuesday in a statement. The investment values Jet at $1 billion before the new funding round, the company said.
Jet, which began operations in July, offers free shipping on orders exceeding $35 without a membership. Web giant Amazon.com Inc charges customers $99 annually for delivery discounts. Founded by former Amazon executive Marc Lore, Jet is trying to undercut its chief rival’s prices to attract customers. Last month, it abandoned a $50 subscription membership fee.