Rent It Bae has now acquired the peer fashion rental services startup Flyrobe to consolidate operations, ramp up its omnichannel footprint and click on the overseas market.
AARK World Pvt Ltd, which operates and owns Rent It Bae, revealed that both the businesses are being merged and wil operate under the brand of Flyrobe. The alliance that was stitched up last week is also expected to be revealed in the coming few days.
“The recent deal between the two startups is part cash and part stock. The new combined business is being valued at Rs 60 crore,” Aanchal Saini, former CEO of Rent It Bae and the new CEO of Flyrobe, told ET. “While our approach to the business remains omnichannel, from our experience with offline stores, we find a huge potential… We’re looking at tying up with franchise stores in around 30 different cities across India with local partners who have deep knowledge about their respective markets.”
“We’re targeting putting the business back on the growth trajectory, steering it towards profitability in the next 12 months,” said Pranay Surana, chief strategy officer of Flyrobe.