Retail, fashion and grocery conglomerate Future Group will be buying online furniture retailer FabFurnish for an undisclosed amount, reports Mint. Future Group plans to leverage the online platform and delivery model of FabFurnish to markets where it doesn’t have offline stores or areas with minimal reach. Mint pegs the value of the deal at Rs 15-20 crore ($2.25-3 million) in cash based on sources and states that Future Group will retain the FabFurnish brand and use it to bring its Home Town furniture store online. All of the startup’s team is expected to join Future Group, the report added. Future Group confirmed this development to Mint. MediaNama is yet to hear from FabFurnish and will update this if we hear from them. Note that in October last year, Future Group had formed a strategic alliance to sell its products on Amazon’s India marketplace. In September 2015, it tied up with Hybris Software to converge its digital and physical channels. Previous developments at FabFurnish: - Last September, FabFurnish appointed Nimit Kumar as its chief technology officer, and Kumar would be responsible for technology innovation and expanding the company’s service and product portfolio. - In the same month, the company moved from being a furniture marketplace to a “content-driven” platform for discovery and sale of curated products. The company claimed that it would engage with users weekly through feature stories, curated brand and designer shops. - In July 2015, co-founders Vikram Chopra and Mehul Agrawal stepped down from daily responsibilities, while senior directors…
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