Times Internet, part fo the The Times of India Group, has made a 7 figure investment in New York-based e-commerce company Fab.com, though the amount is undisclosed. As part of this investment Fab will be working with Times Internet to explore and execute its India market strategy in the coming years. The investment was fostered by Satyan Gajwani, Times Internet Group CEO.
Jason Goldberg, CEO Fab.com on his blog mentioned, “I have been working with Satyan for several months now and he been super impressive with his approach to innovating and growing technology businesses in India. I’m excited to work with him and his team as Fab explores the India market further.”
Times Internet blog displayed, “ Fab is the fastest growing e-commerce company in the world today, started less than 2 years ago. Led by CEO Jason Goldberg, it has over 10 million registered users, is on track to do $150m this year, and is currently having a huge holiday season. We’ve been fortunate to interact with Fab over the past few months, and they have an incredible team with a clear vision. As and when they shape out their India strategy, we look forward to working closely with them. Other investors include Andreesen-Horowitz, Atomico, and many more.”
Since its launch in June 2011, Fab has raised over $150 million from investors. Other major investors of Fab.com include A Grade Investment, Andreessen Horowitz, Docomo, First Round Capital, Pinnacle Ventures, RTP Ventures, SV Angel, Atomico, Baroda Ventures, Cinco Capital, Mayfield Fund, Menlo Ventures, Phenomen VC, SoftTech VC, VTB Capital, The Washington Post Company, Zelkova Ventures.
Recently Fab.com acquired Pune based technology company, True Sparrow Systems for an undisclosed amount and was described as a cash and stock.
More than 10 million people in 26 countries turn to Fab.com everyday to explore design products, to connect with the international designers and to share their favorite design inspirations.