In August 2017, business to business (B2B) e-commerce company Just Buy Live (JBL), had big news. The company claimed it had raised $100 million (~Rs 650 crore) from a Dubai-based investor. Employees were thrilled, for the money came with the promise of going international, which meant foreign postings. There had been chatter about this round for six months, and it was finally coming through.
The fat lady clears her throat
Barely live Just Buy Live: B2B e-commerce leader collapses
A ghost funding round, Rs 140 crore burnt in two years and a sector that remains difficult to crack. All these, together, ravage the company
JBL initially tried to acquire customers through TV marketing. By the time JBL realised, it had blown through a lot of capital
Customer loyalty was one of the company's biggest challenges. It never overcame it
Once JBL shuts down, it will join the likes of Tolexo, which had to call it a day only last year
Demonetisation was the straw that broke the camel's back