Jabong has hired Snapdeal’s Rahul Taneja as its Chief Business Officer (CBO).Taneja comes to Jabong from Snapdeal. An engineer from Delhi College of Engineering and an MBA from IIM Bangalore (2000-2002) Taneja started his career at Procter & Gamble Singapore. He moved from there in January 2006 to PepsiCo India as Senior Brand Manager.
In January 2008 he turned entrepreneurial and co-founded Rang7.com an online travel start-up which he left in June 2010 to join Philips as GM, Home Segment. Subsequently in January 2012 he took over as Sr. Director, Business Head - Home Lighting at Phillips. In June 2015 he moved to Snapdeal as VP, Head - Category Management. He was with Snapdeal for less than a year.
At Jabong, Taneja will be responsible for category management, pricing, creative campaigns and brand marketing. The company did not have the position of a CBO until now. Explaining the reason behind the creation of the new position, the CEO, Sanjiv Mohanty said “It is to bring a sharp focus to profitable growth, grow the business using core category strengths instead of discounts as a lever, bring in consumer focus on growth categories and focus on building the brand.”
The development comes at a time when the company is struggling to turn around its business and has witnessed a drop in its valuation. In September 2014, Jabong was merged with four international online fashion businesses by its investors, Germany’s Rocket Internet and Swedish investment bank Kinnevik, to create a company called Global Fashion Group (GFG) that was worth €2.7 billion (around Rs.21,600 crore).
Last July, GFG raised €150 million (about Rs.1,060 crore) from Rocket Internet and Kinnevik, at a valuation of €3.1 billion. Last month however, it raised €300 million ($339 million) from Kinnevik and Rocket Internet at a valuation of €1 billion ($1.13 billion), a third of the previous valuation.