The Rocket Internet-founded Global Fashion Group's Indian platform, Jabong, has been bought for $70m, less than two years after reported talks over a $1.2bn acquisition.
E-commerce company Flipkart agreed today to acquire Jabong, the India-based branch of fashion e-commerce holding entity Global Fashion Group (GFG), for $70m in cash.
Jabong sells a range of fashion and apparel through an online platform. It received $27.5m from UK development finance institution CDC group before e-commerce holding group Rocket Internet, GFG’s founder, supplied another $20m in March this year.
However, the company has not been profitable and recently announced it is changing its business model from an inventory-based…
