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Jabong CPO Saurabh Goel quits to launch very own venture

Saurabh Goel’s exit comes at a time when Jabong is struggling to turn around its business amid a funding crunch.

Saurabh Goel’s exit comes at a time whilst Jabong is struggling to show round its enterprise amid afunding crunch.
New Delhi: Saurabh Goel has quit because the chief product officer (CPO) of Jabong to release his ownundertaking inside the monetary technology space after serving nearly 8 months within theorganization.

Goel changed into roped in as part a senior control overhaul that the employer made closing 12 monthsbefore Sanjeev Mohanty got here on board as the brand new chief govt officer and managing director. “Heconstantly wanted to release his start up and concept that this changed into the opportune time,” saidMohanty in an e-mail.

He added that currently the organization is looking out for a CPO and currently appointed leaderoperating officer Muralikrishnan B is directly overseeing this position for the instant.

Goel confirmed the development including that his startup, Prosperx.Com, may be released in July. It’ll bea marketplace for financial products like mutual funds, coverage and so on.

“I noticed this opportunity and it was the proper time, fin-tech is prepared for disruption,” said Goel.

Goel’s exit comes at a time whilst Jabong is struggling to show around its business amid a fundingcrunch.

In September 2014, Jabong become merged with 4 worldwide on-line style organizations by means of itsinvestors, Germany’s Rocket Net and Swedish investment financial institution Kinnevik, to create aemployer known as Global style Group (GFG) that turned into worth €2.7 billion (around Rs.21,600crore).

last July, GFG raised €one hundred fifty million (about Rs1,060 crore) from Rocket Net and Kinnevik, at a valuation of €three.1 billion. In April however, it raised €three hundred million ($339 million) from Kinnevik and Rocket Net at a valuation of €1 billion ($1.13 billion), a 3rd of the preceding valuation.

In February, Saurabh Srivastava, the chief advertising officer who was additionally employed remaining12 months around the equal time, quit the company. Srivastava turned into added in from cellular walletcompany Mobikwik.

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