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Jabong posts revenues of Rs 410.69 crore in H1 2015, pace of growth slowing

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Rocket Internet-backed fashion etailer Jabong reported revenues of Rs 410.69 crore in the first half of the year ended June 30, showing a growth of 26.5% from Rs 324.65 crore in the same period last year. The company also reported a gross merchandise value of Rs 719.69 crore a growth of 41.3% y-o-y from Rs 509.48 crore.

However it needs to be pointed out that Jabong’s rate of revenue and GMV  growth has been slowing. To give some context, for the three month period ended September 30, 2014, Jabong reported net revenues of Rs 216 crore , up almost two and a half times (146%) from the Rs 87.8 crore reported for the same period in 2013.

Net loss for the company in H1-2015, however, decreased to Rs 42.57 crore, from a loss of Rs 56.81 crore in the same period last year. The company reported an operational (EBITDA) loss of Rs 227.45 crore, up from a Rs 154.93 crore loss in H1 2014.

The total number of orders in the period stood at 2.7 million, showing a growth of 20.7%, from 2.3 million in the same period last year. The total transactions in H1-2015 was at 4.4 million, up 37.4% from 3.2 million in H1-2014.

Operational highlights

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– It was reported last month that Global Fashion Group (GFG) which owns fashion etailer Jabong, which is backed by Rocket Internet and AB Kinnevik, is in talks with Paytm to sell the company. AB Kinnevik is also reportedly holding negotiations on behalf of Rocket Internet and that the talks are in initial stages with the company being valued at around $500- 800 million.

– In the same month, The Economic Times reported that  GFG’s chief financial officer Nils Chrestin was running day-to-day operations at Jabong following the exit of co-founders Arun Chandra Mohan and Praveen Sinha.

– In July, Global Fashion Group, the owner of online fashion and apparel retailer Jabong, raised euro 150 million (~$166 million) in a round of funding from Rocket Internet and AB Kinnevik. With this investment, Kinnevik now owns at least 25.0% and Rocket at least 21.9% of GFG.

– In June,  Jabong appointed Jai Vohra to head women’s fashion at the platform, replacing Manjula Tiwari.  He also heads Jabong’s sourcing business. Vohra previously worked as the director and business head for Jabong’s marketplace for 6 months, before which he was the director of projects for two years.

– In January, Jabong was fined Rs 3.89 crore by the Kerala commercial taxes department for evasion of sales tax in 2012-13 and 2013-14.

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