Times Internet, the digital unit of India-based media company The Times of India Group, has invested a seven figure sum in US-based online retailer Fab.
The deal was “fostered” by Satyan Gajwani, Times Internet Group chief executive, Jason Goldberg, Fab’s chief executive, said on his blog.
Goldberg said: “I have been working with Satyan for several months now and he been super impressive with his approach to innovating and growing technology businesses in India. I’m excited to work with him and his team as Fab explores the India market further.”
He added: “Fab has raised over $150 million from investors since we launched in June, 2011. The support from our investors is a big reason why we have been able to rapidly establish Fab as the worldwide leader in everyday design. More than 10 million people in 26 countries turn to Fab to discover everyday design products at great prices, to connect with the world’s most exciting designers, and to share their favorite design inspirations.”
Goldberg listed the company’s major investors by name, which included The Washington Post Company, the US-based media company, Docomo, the corporate venturing unit of Japan-based phone operator NTT Docomo, VTB Capital, a unit of Russia-based bank VTB, RTP Ventures, the US venture affiliate of Russia-based IT investment conglomerate Ru-Net, and venture firms A Grade Investment, Andreessen Horowitz, Atomico, Baroda Ventures, Cinco Capital, First Round Capital, Mayfield Fund, Menlo Ventures, Pinnacle Ventures, Phenomen VC, SoftTech VC, SV Angel and Zelkova Ventures.
In November Fab extended its series C round by $15m. In July, Fab raised $105m in its series C round from a consortium including overseas corporations’ corporate venturing units.
In December 2011, Fab.com raised $40m in its B round, following $11m in prior funding.