Jabong’s parent company, Global Fashion Group, has secured a $346 (EUR 300m) million from Kinnevik and Rocket Internet. While Rocket Internet will underwrite around EUR 100 million of the financing, it will invest around EUR 85 million including the conversion of an existing investment at the terms of the financing.
Jabong’s largest warehouse, situated in Pataudi on the outskirts of Delhi, has been destroyed in a fire. Initial reports indicate that the fire was caused by a short circuit. There were no casualities.
Jabong’s plight may well be a resounding alarm for the hitherto burgeoning startup scene in India, which is finally showing signs of correction, what with Zomato, Helpchat and Housing scaling down their workforce, and food tech startups like Dazo ceasing operations.
Jabong is looking for new CEO as Current CEO and co-founder Arun Chandra Mohan quit , to start his new venture.
E-commerce companies aren’t just fiercely competing with each other in trying to woo the fickle Indian consumer. They’re also going all out to attract employees, and are doling out sops by the dozen to make their offices better places to work. After Flipkart announced a slew of initiatives that were designed to improve employee satisfaction, and Snapdeal came up with a spanking new office last week, Jabong has entered the fray, announcing an onsite creche facility in its office.