Online fashion retailer Rock.in, backed by Partech International, a venture capital firm based in France and Silicon Valley, has shut shop. This is one of the many e-commerce companies that shut shop in the country over the last three months.
The company’s website is not operational anymore (customer support number, :022 40 777 555 isn’t available).
When it closed its first round of funding last year, the company had said that it was looking to raise $5 million in series B funding. Looks like that hasn’t come through yet.
Rock.in was founded in May, 2012 by Aashish Puri and Suraj Sharma and it has operational licenses from more than 100 international brands from US and Europe including La Redoute, House of Dereon, Calvin Klein, DKNY, Marc Cain, FCUK, Fever London, Just Cavalli etc.
According to NextBigWhat Insights, in the last four years, more than 1200 e-commerce companies have come up in the country covering almost every conceivable category ranging from apparels to pets care. Over $700 million risk capital came into the $10 billion industry in the last three years. (Funding in Indian Ecommerce space)
However, the good days of e-commerce boom are over with venture capitalist turning wary of investing in the space and mounting margin pressure. Meanwhile, companies that have burned through the raised capital, are left gasping for breath.
Yesterday, one other e-commerce company, Koolkart shut shop. Also, large e-commerce companies such as Jabong have stopped selling on heavy discounts and are reducing workforce.
What’s NextBigWhat for Indian Ecommerce Industry?
- The Evolution of Ecommerce Business Models in India [Going back to where it started?]