Jabong, the e-commerce player which is a subsidiary of Global Fashion Group is reported to be in initial talks with Paytm to sell the group.
Recently, the company’s co-founder CEO Arun Chandra Mohan had quit and co-founder MD Praveen Sinha is also moving out while Nils Chrestin, chief financial officer at Global Fashion Group is in charge of all the daily operations.
The fashion e-tailor Jabong’s valuation is being pegged between $500 million and $800 million. AB Kinnevik, the largest shareholder of Global Fashion Group is reaching out to other potential suitors for the sale. Kinnevik is also negotiating on behalf of Rocket Internet, which owns mores than 21% of GFG. [source]