The rumor has been ON for quite some time and ET reports that FashionAndYou has acquired UrbanTouch for $30mn (in cash and stock).
FashionAndYou recently witnessed exits of cofounding team of the company – i.e. Pearl Uppal, Gaurav Kachru and several others. Post this acquisition, Abhishek Goyal, UrbanTouch founder will take over as the CEO of Fashion and You.
FashionAndYou has raised $48mn+ in total funding with the last round led by Norwest Venture Partners and Intel Capital. While the details of the acquisition aren’t yet known, UrbanTouch surely gets a bigger playground, though few questions remain unanswered:
– What’s really happening with FashionAndYou?
They started off with an aggressive note (with a spammy email campaigns), raised a lot of money and suddenly the management quit. Questions have been raised regarding the feasibility of doing a ‘Rocket Internet in India’.
Did FnU raise a round to fund this acquisition?
– What’s in for UrbanTouch?
Why would Accel funded UrbanTouch get acquired so early in the game? To play a bigger game? OR?
More questions than answers. We will update with details as we get them.
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