Jabong, a fashion e-commerce company is reportedly looking for a new CEO. According to a report, current CEO and co-founder, Arun Chandra Mohan and Managing Director and co-founder, Praveen Sinha are moving out of the company.
When reached out to Mohan, he confirmed that he is moving of the company and that he will be working on his new venture in the internet mobile segment.
While Mohan is expected to leave the company this month, Praveen will exit the company by the year end.
One of the sources confirmed that hunt for the new CEO is on since a month now. He further added “The global team has given the mandate to an international executive search firm.”
Jabong has recently shut its design office in London and has also fired 10-15 people from the London team, under pressure from the parent company. Earlier this year, the company had also announced its plans to launch firm’s first technology lab in Bangalore.
Jabong had raised $100 Mn funding round and since January 2015, investors have pumped in over $45 Mn (INR 300 Cr.) in the company, according to the documents filed with the Registrar of Companies.
This year, Jabong was merged with Global Fashion Group (GFG). Currently, Jabong offers 190,000 products from more than 1,800 brands. Jabong is under pressure to from its parent company for the losses and has been asked to cut down the expenses.
In the past few months, number of people from the top management team of Rocket’s companies have moved out. Recently, Fabfurnish cofounders, Mehul Agrawal and Vikram Chopra have left the company and prior to that, Foodpanda founder, Rohit Chadda had also stepped down.
There has also been shifting of roles within Rocket Internet , for instance, earlier in March, Saurabh Kochhar, who was CEO at Printvenue was appointed India CEO of another Rocket Internet company, Foodpanda. Later, Rocket had appointed Printvenue Co-founder and Chief Marketing Officer Gagan Arora as the CEO.