Nitin Agarwal and Rajul Jain, co-founders of fashion and lifestyle etailer Yebhi.com, run by Gurgaon-based Big Shoe Bazaar India Pvt Ltd, have quit the company, according to a report by NextBigWhat. In a separate report, MediaNama quoting its CEO Manmohan Agarwal has said the co-founders left the firm to start new ventures.
Agarwal has denied the rumours that the company is on the verge of a shutdown. He, however, added that Yebhi has already reduced several costs, optimised marketing spends and have gone slow on discounting.
Yebhi.com is a horizontal e-commerce merchant that deals in categories like apparel, accessories, home furnishings, toys, electronics and the recently added online mobile recharge.
In an interview with Techcircle.in last November, CEO Agarwal had said that the firm was close to raising its fourth round of funding worth $30 million. However, according to the new reports, the firm is not planning to raise funding now.
As of last September, the firm was clocking monthly GMV (gross merchandise value) of around Rs 31 crore, a quarter of which came from its in-house private label brands across categories. It was also doing 6,000-7,000 orders a day with the average order value being around Rs 1,500.
Early last year, the firm had raised a bridge round of $12 million from its existing investors. In 2012, it had raised its Series C of Rs 100 crore ($18 million) which was led by Fidelity Growth Partners India and Qualcomm Ventures; existing investors Nexus Venture Partners and Catamaran Ventures—the private investment arm of Infosys co-founder NR Narayana Murthy—also participated in the round.
A few months, Raul Rai from Nexus Venture Partners and Suvir Sujan from Catamaran had quit in November last year ago its board members.
Last August, Yebhi had partnered with Indian Railway Catering and Tourism Corporation (IRCTC), a subsidiary of the government-controlled Indian Railways that handles the catering, tourism and online ticketing operations, to launch an e-commerce portal.
(Edited by Joby Puthuparampil Johnson)