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Update: Jabong Raises Funding; JaVAS Sold & 2 Co-Founders Quit

Update: In an emailed response to Medianama, Jabong co-founder Praveen Sinha has informed that they have recently closed a 'multi-hundred million dollar' investment from a series of investors, although he didn't disclose any information on the exact amount raised or the investors who participated in this investment round. Earlier (Feb 5): Rocket Internet incubated online fashion and lifestyle store Jabong has secured $27.5 million investment from UK’s development finance institution CDC Group plc. However, CDC group notes that this is just a part of Jabong's larger (yet-undisclosed) funding round. The Economic Times reports that Jabong is raising $100 million in this round, although Jabong co-founder and managing director Praveen Sinha has declined to comment on this to the publication. We are currently awaiting a response from Jabong and Rocket Internet on this. CDC says Jabong plans to use the investment raised to develop its supply chain infrastructure and technology platform. Inspired by the Amazon's online clothing and shoe store Zappos, Jabong was Rocket Internet's first venture in India and started its Indian operations in January 2012. Following this, Rocket Internet rolled out a string of businesses like FoodPanda (which raised $20 million yesterday), FabFurnish (online furniture portal), OfficeYes (office products portal), Printvenue (online printing service), Cuponation (deals and coupon website) and Wimdu (apartment and holiday renting portal). It currently offers products like footwear, men's and women's apparel, home & furniture, jewellery, sports and accessories from brands like Adidas, FabIndia, Fastrack, Fila, Fossil, Giordano, Nike, Puma, Wildcraft and others. CDC says Jabong provides more than 4,000 local manufacturers access to customers. It competes with…

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