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View all photos from this album.We see significant synergies between the two companies especially on brand relationships and consumer experience.We look forward to working with the talented Jabong team to shape the future of fashion and lifestyle ecommerce in India," Myntra CEO Ananth Narayanan said.
In April this year, GFG raised fresh funding from existing investors at a lower valuation, raising million euros from Rocket Internet and Kinnevik.Post the last round, GFG was valued at 1 billion euros, a significant fall from earlier valuation of 3.
Jabong was founded in While Jabong has managed to reduce losses by reducing discounts, both Kinnevik and Rocket Internet seem unwilling to infuse fresh capital and are believed to be keen to exit.
As per a Rocket Internet investor presentation, Jabong had a net revenue of For FY, its revenues were at Jabong is among India's major fashion multi-brand e-store with more than 1, on-trend international high-street brands, sports labels, Indian ethnic and designer labels and over 1,50, styles from over a thousand sellers," Myntra said in a statement.
No official statement was available from Jabong.
Jabong has been in the market for a sell-off and was in discussion with companies including Future Group, Snapdeal and Aditya Birla-owned Abof among others.
We have always believed in fashion and lifestyle segment and Myntra's strong performance has reinforced this faith," Flipkart CEO and co-founder Binny Bansal said.
This acquisition is a continuation of the group's journey to transform commerce in India, he added.This is further estimated to touch Rs 72, crore by end of Myntra, Bengaluru: Online shopping store Myntra not just attracts people with unique schemes to buy products, but also knows how to treat their employees as well.
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See more of: Myntra Fashion Weekend View all photos from this album.