Marking its first buyout of an internet store, Kishore Biyani-led Future Group is set to buy online furniture store, FabFurnish.com. The Group may pay anywhere between Rs 15 and Rs 20 crore in cash and will be largely doing so for the brand FabFurnish, the report adds, citing two people aware of the development.
- Future Group will retain FabFurnish’s brand name and will be using this platform to sell products from its home and furnishing business brand HomeTown.
- FabFurnish’s management team and about 100 employees are likely to join the Future Group.
- Gurgaon-based firm FabFurnish was founded in 2012 by Mehul Agrawal, Vikram Chopra and Vaibhav Aggrawal. The company has, so far, raised over $30 million from Rocket Internet and Kinnevik.
Last July, its founders Agrawal and Chopra put in their papers to start their own venture. As a result, FabFurnish appointed senior directors Ashish Garg and Ankita Dabas to take over the management role. The deal will see Berlin-based Rocket Internet’s making its first exit in India. The company has a portfolio of online companies which include FabFurnish, Foodpanda and Jabong.
