Jabong parent GFG gets 300-million euro funding
The Dollar Business Bureau Global Fashion Group (GFG), the owner of fashion retailer Jabong, on Monday announced it has secured funding of €300 million from Rocket Internet and Investment AB Kinnevik. “With this investment, Kinnevik will own at least 25% and Rocket at least 21.9% of GFG. The fashion platform will use the funds for logistics, marketing and product development,” Global Fashion Group (GFG) said in a press release. Jabong has been on a loss-making streak: In the financial year 2015-16, Jabong announced an operating loss of Rs.426 crore. The company had reported an operating loss in 2014-15, too. The company’s total revenue growth crawled by just 7% to Rs.866 crore in last fiscal from Rs.811 crore in fiscal 2014-15. The investment is expected to revive the ...
Postal department can become leader in e-commerce delivery
Himanshu Vatsa | The Dollar Business The Postal Department can become a leader in delivery of goods as part of e-commerce, said Ravi Shankar Prasad, Minister of Communications and Information Technology. The Postal Department has recorded growth of more than 36% in parcel revenue in the last one year. The department has collected more than Rs 500 crore for cash-on-delivery (COD) articles of major e-commerce players such as Amazon, Flipkart, Snapdeal, Yepme, Naaptol, etc., in 2014-15. Lauding the department’s strong network of mail delivery across the country, the minister said that it should focus more on quick delivery of goods purchased and sold online. “The department should step up its efforts to ramp up its capabilities to book, process, transmit ...
