Future Group has acquired online home furnishings and décor business company FabFurnish for an undisclosed amount. The buyout could range between Rs.15 crore and Rs. 20 crore in cash. But the Future Group will retain the FabFurnish brand and will use the store’s online platform to take its Home Town retail stores online.
This is the first consumer startup acquisition made by Future Group led by Kishore Biyani and also marks the first exit for Berlin based investor Rocket Internet which also backs Foodpanda and Jabong. But this acquisition will make the India’s largest home décor e-marketplace. The take over also include the FabFurnish’s management team and about 100 employees who are likely to join the Future Group.
The Gurgaon-based firm was founded in 2012 by Mehul Agrawal, Vikram Chopra and Vaibhav Aggrawal. So far the company has raised over $30 million from Rocket Internet and Kinnevik.
FabFurnish.com is an Indian furniture and home décor retailer selling furniture, furnishings, décor and kitchenware. The start up company also awarded in the year 2012 with Indian Home Congress & Awards declared FabFurnish.com as the ‘ E-Retailer in India’ in home category and In 2014, FabFurnish.com was awarded with ‘Home & Lifestyle eRetailer of the Year at the Indian eRetail Awards. FabFurnish.com was also acknowledged as one of the Red Herring Top 100 Asia company in the year 2014.
Extra Info :
Future Group Founder : Kishore Biyani
Future Group Headquarter : Mumbai
The company is known for having a significant prominence in Indian retail and fashion sectors, with popular supermarket chains like Big Bazaar and Food Bazaar, lifestyle stores like Brand Factory, Central etc. and also for having notable presence in integrated foods and FMCG manufacturing sectors.
Rocket Internet SE is a German internet company headquartered in Berlin. The company builds online startups and owns shareholdings in various models of internet retail businesses.
So lets discuss some questions related to this post :
1. Future Group has acquired which home decor startup company recently ?
2. Name the CEO or founder of the Future Group ?
3. The acquisition of FabFurnish has made the exit of which Berlin based company ?
Courtesy : Business Standard