Fashion rental services startup Rent It Bae has acquired Mumbai-based Flyrobe in a part-cash and part-stock deal. The new combined business is being valued at Rs 60 crore. Following the acquisition, Rent It Bae would consolidate the firm’s operations, ramp up its omnichannel footprint, and tap the overseas market.
The four-year-old Flyrobe is an on-demand apparel rental platform that provides premium designer wear. Besides, the company is planning to expand its services by adding another 15 owned and franchise stores in both Tier 1 and Tier 2 Indian cities, by next year. (Source)
