FabFurnish, an India-based homeware marketplace backed by e-commerce group Rocket Internet, is set to be acquired by retail operator Future Group for Rs150m to Rs200m ($2.3m to $3m), LiveMint reported yesterday.
The size of the transaction, which is expected to close within a fortnight, has not been officially confirmed. Future has disclosed that it plans to pay Rs 4.86 per share but did not reveal the total number of shares, according to VCCircle.
Founded in 2012, FabFurnish sells a range of homeware including furniture, home décor and items such as mattresses and towels through its website. It had reportedly raised more than $30m from Rocket Internet and Investment firm Kinnevik.
Reports of Rocket Internet trying to exit the company first emerged in September 2015 and talks with Future Group began in February this year. The successful sale marks Rocket’s first exit in India.
Kishore Biyani, founder and chief executive of Future Group, said: “With FabFurnish coming into the picture, we get a ready-made digital platform that can harness physical retail and merge it with digital retailing.
“This acquisition will help us go omni-channel as [FabFurnish] is an established player in the online space.”