Fashion and lifestyle online retailer, Jabong have raised $100 Mn in a fresh round of funding. Out of a total of $100 million (Rs 628 crore), Jabong had raised $27.5 million (Rs 173 crore) from British development finance institution CDC, but details of the others who have invested in the round is not available at the moment.
“With CDC’s help, management is introducing a new Code of Conduct for suppliers, which will set standards and assure the adoption of workers’ rights. The goal is to become the first Indian member of the Ethical Trading Initiative (ETI), a voluntary organisation whose vision is ‘a world where all workers are free from exploitation and discrimination, and work in conditions of freedom, security and equity,” says official press statement by CDC.
Backed by Rocket Internet, Jabong was launched in 2012; it provides 4,000 local manufacturers within India access to consumers. It competes with Myntra which is also in the final stages of raising its next round of funding and had made headlines when there were talks of its merger with Flipkart.
In addition to Jabong, Rocket Internet also runs Cupo Nation, Fab Furnish, Foodpanda, OfficeYes, PrintVenue in India.
Recently there were rumors that Jabong might shut down, when two of its co-founders Mukul Bafana and Manu had left the company. We had contacted Praveen Sinha, co-founder, Jabong at that time, “The rumors about jabong closing down is not correct it might have been triggered as one senior member and Jabong has parted ways,” he said.
We caught up with Praveen Sinha, Cofounder, Jabong to know about the latest funding round and his experiences of running the company