Gurgaon-based online home store, FabFurnish is looking to raise $50 million in its fourth round of funding from existing investors Rocket Internet and Kinnevik as well as new investors. The company had secured a total capital of $30 million in three rounds of funding, since its inception three years ago.
As per BusinessLine report, the company aims to utilize the raised funds to increase its network of warehouses and experience stores; to ramp up its technology team with special focus on mobile solutions; and to create brand awareness with targeted advertising campaigns.
Launched in March 2012 by Vaibhav Aggarwal, Vikram Chopra and Mehul Agrawal, FabFurnish is an online destination for furniture and home ware with a diverse range of products. The company has expanded its presence to the Indian consumers with offline stores as well.
Also, the company generated a turnover of Rs 220 crore as of December 2014 and is on track to achieve Rs 600 crore by this December.
The other players also included in the same space like Urban Ladder, HomeLane, LivSpace and Pepperfry etc. In February, Bengaluru-based HomeLane raised $4.5 million funding led by Sequoia Capital. In May 2014, online lifestyle marketplace Pepperfry.com had raised USD 15 million in Series C round from Bertelsmann India Investments (BII) with participation from existing investor Norwest Venture Partners (NVP). Also, online home decor retailer Urban Ladder had raised USD 21 million in Series B round led by Hong Kong-based Steadview Capital with participation from existing investors SAIF Partners and Kalaari capital.
Earlier this month, the furniture portal CustomFurnish had raised Rs 16 crore in seed funding from serial entrepreneur and MedPlus Group founder Madhukar Gangadi.