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India's Rent It Bae buys fashion rental start-up Flyrobe

Dec '19
Pic: Rent It Bae
Pic: Rent It Bae
India’s luxury products rental store Rent It Bae has acquired peer fashion rental services start-up Flyrobe to consolidate its operations, ramp up its omni-channel footprint and tap the overseas market. Both businesses are being merged and will operate under the brand Flyrobe, according to AARK World Pvt Ltd, which owns and operates Rent It Bae.

The combined business is being valued at ₹60 crore, Aanchal Saini, former chief executive officer (CEO) of Rent It Bae and the new CEO of Flyrobe, told a top business daily.

The merged company is mulling over tying up with franchise store partners in around 30 cities having deep knowledge about their respective markets.

Co-founded by three Indian Institute of Technology Mumbai alumni in September 2015, Flyrobe had been funded by Sequoia Capital, IDG Ventures (now Chiratae Ventures) and Tokyo-based GREE Ventures (now STRIVE), having received $10 million in two rounds.

In the latest round last year, Flyrobe raised ₹26 crore from existing shareholders.

To support the acquisition, New Delhi-based AARK World said it raised funds from existing investor GEMS Partners, a micro venture capital fund, and is poised to launch a larger Series A round of $3 million. GREE Ventures (STRIVE) remains invested in the merged company.

The company hopes to cash in on the artificial intelligence-enabled fashion rental store technology and virtual trial room launched this year by Rent It Bae and plans to integrate the virtual trial experience in all brand stores and Flyrobe’s apps by the next quarter under the brand Tryrobe.

Flyrobe has five physical brand stores and plans to launch 10 franchise stores in the next 12 months.

Fibre2Fashion News Desk (DS)

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