Future Retail, the flagship company of Kishore Biyani-led Future Group, will acquire online furniture store FabFurnish.Com. After the acquisition, Gurgaon-based FabFurnish.Com will become a subsidiary of Future Retail.
FabFurnish, a start-up operated by Bluerock eServices Private Limited, is backed by Germany's Rocket Internet. The other Indian ventures of the German group include Jabong and FoodPanda.
Future Retail will acquire 100 per cent equity share capital of Bluerock eServices at Rs 4.86 per share. Bluerock eServices had a turnover of Rs 79 crore in 2014-15.
Shares of Future Retail edged higher today, outperforming the broader markets. Future Retail shares ended 1 per cent higher as compared to a flat Sensex.