Jabong Most Likely To Be Sold In Next 6 Months
One of the Top Online Retail Stores, Jabong, is likely to be sold in next six months time period; a report stated.
Jabong, which has given a tough competition to Flipkart backed Myntra is struggling to find a suitor since last few years is very keen to make this sale as quickly as possible.
Rocket Internet-backed Jabong has also managed to cut down the loss by 70% by scaling down its focus on the bottom line and is doing pretty good in terms of GMV (Gross Merchandise Value) as well. The loss has come down to Rs 1.9 crore as against Rs 45.9 crore in the same quarter last year.
As per reports by Economic Times, Jabong, which is co-founded by Praveen Sinha, has struggled to make profits although the sales have increased.
If the rumors are to be believed, the company most likely to be sold to Flipkart or Snapdeal as both of them have shown interest in the company and is likely to end up owning it. Even though, the possibility of other retail players like Aditya Birla group owning it can’t be ruled out at this time.
It has also reduced its price drastically from the earlier quoted price tag of 1 million which Amazon India had refused to pay has reduced it to $100 million but still couldn’t find the right buyer.
But all these things could be the thing of past. By managing to cut down the loss and the increasing in the sales, is seen as a positive signal and is most likely to find a buyer as early as possible.