AARK Work Pvt. Ltd., which owns fashion rental and allied services startup Rent It Bae acquired its peer fashion rental startup Flyrobe in order to consolidate its market position and expand its influence to the overseas market as well. According to AARK World Pvt. Ltd. which owns and operates Rent It Bae has reported that both companies have merged and will operate under the brand name Flyrobe. The alliance was sealed last week and it will be officially announced in the upcoming days.
Former CEO of Rent It Bae and the new CEO of the combined brand Aanchal Saini told Economic times: “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,”