Flipkart Buys Rocket Internet-Backed Jabong For $70 Million

Mumbai: Flipkart, India's biggest e-commerce firm, is buying domestic online fashion retailer Jabong from Global Fashion Group for $70 million in cash, the latest consolidation move in the country's e-commerce sector as competition intensifies. Flipkart unit Myntra, India's largest online fashion retailer which is buying Jabong, said on Tuesday that the two sites will have a combined base of 15 million monthly active users. Global F...