Rent It Bae acquires fashion rental startup Flyrobe; to expand to the US, Dubai, and London
Delhi-based startup AARK World Pvt Ltd that owns and operates fashion rental service Rent It Bae has acquired fashion rental startup Flyrobe. The company has merged the two businesses, and will now be operating under the brand name Flyrobe.
The deal between the two is a part-cash and part-stock. The new combined business is now valued at Rs 60 crore, Flyrobe said in a statement. The deal is aimed at accelerating growth and expansion. The company plans to expand its footprint in India and overseas to Dubai, London, and the US through a franchise model. The company also plans to scale the marketplace model to customer to customer renting.
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”.
She added that the company is 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’.
Earlier this year, Rent It Bae launched an AI-enabled fashion rental store with the introduction of a virtual trial room. Virtual trial rooms are equipped with virtual walls that make it possible for users to try different outfits without having to wear them. The company further plans to integrate virtual trial experience at all the brand stores, and Flyrobe’s apps (both ioS and android) by next quarter.
To grow the business, the company plans to incorporate an omni-channel strategy as consumer demand for a multichannel shopping experience continues to mount. Flyrobe currently claims to have one million customers in over 30 cities through its website, apps, and stores. The company plans to open 15 owned and franchise stores in Tier I and Tier II cities in the next 12 months.
(Edited by Megha Reddy)