Flipkart group's fashion e-commerce site Jabong's revenue declined in the last fiscal year by about 15% to Rs 757 crore. The etailer additionally generated Rs 100 crore in revenue for providing marketplace services, latest documents of two Jabong companies filed with the Registrar of Companies said.
After acquiring Jabong for $70 million in a distress sale in 2016 from Rocket Internet, Flipkart group has been attempting a turnaround of the Gurgaon-based online fashion retailer.
The largest sellers on Jabong, Jade Eservices reported revenues of Rs 757 crore in financial year 2017 compared to Rs 873 crore in financial year 2015. The company's annual returns were not available with Registrar of Companies (RoC).
Novarris Fashion is the wholly owned subsidiary of Jade Eservices which runs Jabong and makes the revenue by offering its marketplaces services, as per documents sourced from business research platform Tofler.
Myntra CEO Ananth Narayanan, who is also the CEO for Jabong got on board Myntra's CMO Gunjan Soni to head the struggling fashion portal last year. Narayanan has said the company is expecting higher growth in the current financial year to the tune of over 30%. Myntra and Jabong together command leadership position in online fashion category along with parent Flipkart's lifestyle business.