Just after two years of launch, Manu Jain, one of Jabongs co-founders, has parted ways to start his own online venture through a partnership. The Gurgaon-based portal, which follows both marketplace and inventory models, was founded in January 2012, much after some of the other online retailers had come into play. It was co-founded by Arun Chandra Mohan, Praveen Sinha and Lakshmi Potluri and later Jain joined as co-founder and managing director.
The other two co-founders Mohan and Sinha continue to be with the company.
On Wednesday, Jabong.com confirmed the development, stating that Jain left the company last week to start his own venture. Jain could not be reached over phone. Jain had already met with venture capitalists in this regard. Details of his plan are expected to be revealed next month.
Jabong.com, a part of the Germanys Rocket Internet Group, gets around 14,000 orders daily and claims to have more than 90,000 products on the website.
Jain, a 32-year-old IIT-Delhi graduate, had told FE three months back that he believes his best phase is yet to arrive. He has worked previously with McKinsey & Co for five years, which he said he did for imbibing the benefits of a process-driven environment and carefully evaluating business opportunities before taking the plunge to become an entrepreneur.
Experts feel that with founders ceding too much ground and stake to venture capitalists too early, they are increasingly losing interest in running the start-ups they founded. The founders tend to then get interested in starting new ventures, they say.Over the last few years, Indian e-commerce space has witnessed exits of co-founders to pursue other opportunities and entrepreneurial ventures. Last year Abhishek Shah, co-founder and CEO of Fetise.com, a mens fashion apparels e-store left the company and took a sabbatical to start a new venture.
In 2012 Gaurav Kachru and Pearl Uppal, the husband-wife duo left Smile Groups Dealsandyou.com, a deal site and Fashionandyou.com, an online fashion store, respectively. However, recently the duo has launched a seed fund-cum-accelerator called 5ideas.
In 2011, Ananya and Udayan Bubna founders of a daily-deals site Sosasta.com left the firm. Both the founders left the online venture within a year of Groupon's acquisition of Sosasta.com to start other ventures.
According to a report by comScore, an online traffic measurement company, Jabong was third among Indian online shopping websites in India.