Snapdeal, Flipkart join fray to acquire Jabong
BT Online July 4, 2016
Online fashion e-tailer Jabong is on the look-out for buyers as company's owners AB Kinnevik and Rocket Internet are reluctant to pour in more funds in highly competitive e-commerce market in the country, Livemint reported.
Among those in the fray to buy Jabong are Snapdeal, Future Group, Flipkart's fashion portal Myntra and Aditya Birla's ecommerce venture Abof.
The talks are led by Kinnevik chief executive Lorenzo Grabau, who was in India last week to meet executives at Snapdeal, Abof, Future Group and Flipkart, the website reported.
Jabong is owned by Global Fashion Group, which has a presence across 27 countries.
Swedish investment major, Kinnevik AB, is the largest shareholder of GFG. Kinnevik is leading the negotiations with buyers on behalf of Rocket Internet, which owns another 21% of GFG.
Earlier this year, Rocket Internet backed online furniture retailer FabFurnish was sold to Future Group.