The Story of Jabong's exit: From $500Mn to $70Mn
Jabong, which was at par with
By the end of May,
Not to mention, the company has seen an exit of senior management, slowdown in funding and overbearing competition from Amazon India.
Earlier this month, Jabong fastened up its exit process as the firm’s owners, AB Kinnevik and Rocket Internet didn't want to pump more money into a losing race horse.
The valuation of GFG (owner of Jabong) slid almost a third to $1.13 billion in a mere 10 months. In May, the company last raised $339 million from Kinnevik and Rocket Internet, but that was a much lower valuation.
The current deal is estimated to be around $50-75 million, allowing existing investors Rocket Internet and Kinnevik AB to quit.
Jabong’s investors have managed to find a buyer for their struggling business, but does this mean any good for Flipkart? We'll have to wait and watch.
Image Source
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema
- Markets rally for 6th day running on firm Asian peers; Tech Mahindra jumps over 12%
- Sustainable Waste Disposal
- RBI announces auction sale of Govt. securities of ₹32,000 crore
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market