FabFurnish is eyeing to raise fresh funds of more than $50M from our existing investors, Rocket Internet and Kinnevik.
Online home furnishing and furniture store FabFurnish is on an expansion spree, planning to raise $50 million from existing investors for investing in warehouse, expansions of physical stores, logistics and marketing activities.
"Within the next six months to one year, we are eyeing to raise fresh funds of more than $50 million from our existing investors, including Rocket Internet and Kinnevik," FabFurnish CEO and Co-founder Vikram Chopra told PTI.
Fabfurnish offers products from over 500 local and international brands and partnered with logistics giants like First Flight, DTDC and GoJavas for pan-India delivery. The firm was backed by Rocket Internet.
Earlier, the firm has already raised more than $30 million from these investors.
"The company has aggressive plans to expand the number of stores to push its private labels as part of its brand building exercise," said Chopra.
"Furniture is a segment which does not have a brand as such in our country. Whatever we sell is our own private label, so there is a tremendous opportunity in building these owned brands and for these we need to have multiple touch points with our consumers," he said.
"We are focussing on building stores not because we want to increase our sales but as part of building our brand image. We want to take our brands to a large number of people through this," he added.