Net revenue in the first half of fiscal year 2014-15 ending September 30, 2014 skyrocketed 187 per cent from the same period of 2013-14 at Indian online fashion retailer, Jabong.
According to Germany based Rocket Internet, which has a majority stake in the fashion etailer, the first half of 2014-15, was characterized by continued very strong net revenue growth.
In the reporting period, Jabong reported net revenue at Rs 3.24 billion as against Rs 1.13 billion in the corresponding first half of 2013-14.
Rocket Internet said this growth was in line with the increase in gross merchandise value (GMV) to Rs 5.1 billion, a leap of 195 per cent, year-on-year.
Numbers of orders at Jabong soared to 3.2 million, up a staggering 171 per cent in the period under review, relative to the same period of last fiscal year.
As a result of the decision to continue to invest in topline growth following market pressure of higher discounts, gross margin trended down to a negative 17.5 per cent, which was however 400 basis points lower from last year.
EBITDA loss expanded to Rs 1.6 billion higher in absolute terms but EBITDA margin continued to significantly improve to a loss of 48 per cent, up 66 percentage points compared to corresponding period of 2013-14.
Rocket Internet went public in Germany at a valuation of more than $8 billion in October and has large stakes in around 60 online retailers across the world.
Rocket considers Jabong among the top six most valuable companies in its portfolio as per the documents it had filed at the time of the IPO. (AR)