Indian startup AARK World Pvt Ltd, which owns fashion rental service Rent It Bae has acquired fashion rental startup Flyrobe in a part-cash and part-stock deal. The merged business will now operate under the brand name Flyrobe and is now valued at 60 Cr., according to Flyrobe. It is now looking to expand in India and overseas to Dubai, London, and the US through a franchise model. Skyrobe is also planning to scale its marketplace model to customer renting.
Talking about the acquisition, Aanchal Saini, Co-founder & CEO, Rent It Bae, and now the CEO of Flyrobe, said, “We are the first in India offering a wide range of ethnic wear on rent. The aim is to expand our footprint to national as well as international markets alongside exploring new business propositions. With our ongoing growth, we are slated to hit the Rs 100 crore mark in the next two years”.
To cater to the growing consumer demand for a multichannel shopping experience, Flyrobe is also looking to adopt an omnichannel strategy.
As of now, Flyrobe claims to have one million customers in over 30 cities through its website, apps, and stores.
The post Fashion rental service Rent It Bae acquires Flyrobe appeared first on BlockInspect .
Fashion rental service Rent It Bae acquires Flyrobe
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