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Amazon to acquire Jabong for $1.2 bn

MUMBAI: The e-commerce sector is on a consolidation drive. Joining the race, Amazon is set to acquire Indian online fashion retailer for $1.2 billion.

The deal at this price will make it the biggest in the Indian e-commerce space. It will also mark Amazon’s first purchase in India. Incidentally, the Flipkart-Myntra deal was pegged at $340 million.

Amazon could keep Jabong as a separate property after the acquisition.

Rocket Internet, Swedish investment firm Kinnevik and UK’s development financial institution CDC have stakes in Jabong.

Founded by Arun Chandra Mohan, Praveen Sinha and Lakshmi Potluri in 2012, Jabong was later joined by others like Manu Jain and Mukul Bafana. The company has about 1,000 brands and has been strengthening its presence in the fashion space by launching global brands.