Rocket Internet Struggling In India

Rocket Internet struggling in India

Rocket Internet, the German internet venture builder, may have made certain miscalculations while doing business in India, said a senior global executive while speaking at a startup event in Bangalore. Rocket Internet which operates on a venture builder model where in it hires key executives as co-founders to replicate a successful business model elsewhere – has been struggling in India as it sold off its fashion portal Jabong in a distress deal three months ago and has reportedly put its troubled food-ordering startup Foodpanda on the block. Stegmann’s remarks assume significance as Rocket Internet companies Foodpanda and Jabong have faced allegations of questionable financial deals that led to the decline of these consumer internet firms which were once the leaders in their respective segments.

Jabong had an early mover advantage in the online apparel market. With many global brands on its platform, it became hugely popular among Internet-savvy youth. It expanded quickly and offered massive discounts to lure customers.

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The tax collections have been buoyant and the direct taxes have risen by a healthy 15 per cent.

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