Rent IT BAE Buys Fashion Rental Startup Flyrobe
Former CEO of Rent It Bae and the new CEO of the combined brand Aanchal Saini said,"The recent deal between the two startups is part cash and part stock. The new combined business is being valued at Rs 60 Crore," She further added that their main approach towards business remains omnichannel, and is looking to tie up with over 30 different cities across India with local partners who have deep knowledge about their respective markets.
To support the acquisition, AARK Work had raised funds from existing investors GEMS Partners and is eager to launch a larger Series-A round of $3 Million. Chief Strategy Officer of Flyrobe Pranay Surana said "We're targeting putting the business back on the growth trajectory, steering it towards profitability in the next 12 months."