Local search listing platform AskMe will be investing $20 million in online furniture marketplace MebelKart over the next three quarters, in return for a majority stake exceeding 75%, reports ET. The remaining stake would be held by promoters. The investment will help AskMe and MebelKart to acquire a share in the furniture marketplace category. As of now, MebelKart will be continue operating as a separate company with plans to merge into AskMe’s transaction platform in the future. AskMe intends to scale MebelKart’s operations across India. AskMe’s group CMO and digital strategy head Manav Sethi told ET that MebelKart had been apparently struggling to fulfill certain order size and this investment would help it to scale operations. Bangalore based MebelKart was founded by Rahul Agrawal, Nikhil Saraf and Ranjeet Vimal in 2012 and claims to list 90,000 products and sell over 100,000 furniture products in 400 cities from over 1,000 sellers. In May this year, AskMe acquired online grocery marketplace Bestatlowest.com for an undisclosed amount and was expected to be merged into AskMe. Bestatlowest’s co-founders Ankit Jain and Amit Nigam, along with the company’s 25 member team were set to join AskMe. The website was to be merged into a new site called AskMeGroceries.com to be launched later this year. As of now, AskMeGroceries is not new site, but Bestatlowest.com sports the AskMe Grocery logo on it. AskMe Malaysia launch: Earlier this year, AskMe entered the Malaysian market by launching ‘Find It’, which was also expected to be integrated on WeChat. At…
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
News
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
Advert
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
News
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
News
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...