Future Group has acquired online home furnishings and décor business FabFurnish for an undisclosed amount.
The amount of the deal is expected to vary between Rs.15 crore and Rs.20 crore in cash.
Kishore Biyani led Future Group owns a furnishing brand HomeTown and is present in 20 cities. Post acquisition, management team of FabFurnish including 100 odd employees will join HomeTown but will continue to handle the online retail business of the company.
This is the first consumer startup acquisition made by Kishore Biyani and also marks the first exit for Berlin based investor Rocket Internet which also backs Foodpanda and Jabong.[source]