Rent It Bae acquires fashion rental start-up Flyrobe
Clothing rental business Rent It Bae has acquired another clothing rental business Flyrobe. The merged entity will operate under the brand name 'Flyrobe' as it pursues omni-channel expansion across India.
The merger will also facilitate the new Flyrobe’s entry into the international market, ET Bureau reported. The value of the deal has not yet been released.
“The recent deal between the two startups is part cash and part stock,” former CEO of Rent It Bae and the new CEO of Flyrobe, Aanchal Saini, told the Economic Times.
“The new combined business is being valued at Rs 60 crore [$9 million]… While our approach to the business remains omni-channel, from our experience with offline stores we find a huge potential.”
Saini also said that the brand is exploring local partnerships with franchise stores in approximately 30 cities across India. International expansion is expected to follow.
“We’re targeting putting the business back on growth trajectory, steering it towards profitability in the next 12 months,” Pranay Surana, chief strategy officer at Flyrobe, told ET Bureau.
Rent It Bae parent company AARK World is now the parent company of Flyrobe. Founded in 2015, Flyrobe raised Rs 26 crore in its latest funding round.
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