Rent It Bae, a fashion rental service owned by AARK World has acquired its rival Flyrobe in a cash-stock deal. The two entities will be merged and operate under the brand name Flyrobe.
As per Flyrobe, the combined entity is worth INR 60 Cr and eyes to be profitable in the next 12 months and accelerate its growth and expansion. The company plans to expand its footprint in India and overseas to Dubai, London, and the US through a franchise model.
Flyrobe has plans to expand to 15 offline stores from its current five stores within next one year in both tier 1 and tier 2 cities,
To support this acquisition, AARK World has raised investment from its existing investor GEMS Partners, a micro VC fund based in Delhi, and is poised to go for a larger Series A round. Flyrobe’s previous investor STRIVE (formerly known as GREE Ventures) also remains invested in the new company.
Announcing 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”.
“We are also launching virtual walls at all Flyrobe stores. Within months the trial feature as Augmented Reality will be available on the mobile app. This virtual experience is called ‘Tryrobe’. We believe that this first of its kind differentiator will be a major boost for our online business” Aanchal added.
Saini added that the Flyrobe is currently present in 30 stores across India through online channels serving more than 1 million customers, and is looking for a partnership with franchise stores to expand in more regions.
Founded in 2015 by Shreya Mishra, Pranay Surana, and Tushar Saxena, Flyrobe is a fashion rental service that allows users to rent premium apparel and accessories at a fraction of the retail price. The platform also catalogues collections from designers such as Ritu Kumar, Masaba Gupta, Quirk Box, Outhouse, etc.
The company, which was previously backed by Chiratae Ventures (formerly known as IDG Ventures India) and Sequoia Capitals, claimed to have over 1,800 curators and 3500 curation applications onboard.