While Future Group is planning to shut down online furniture retailer FabFurnish, logistics startup Emiza has raised $4.5 million in a round led by Mayfield.
Future Group plans to shut down FabFurnish
Future group had acquired FabFurnish last year from Rocket Internet, in a bid to leverage the online capabilities of the e-tailer to market its own brand HomeTown. However, FabFurnish could not scale up as expected.
“The acquisition did not work out for them so they are going to keep just one brand–HomeTown,” a source said.
According to the report, even as the company plans to shut down FabFurnish, Future Group will invest further in HomeTown to scale up that business.
As a result of the planned shutdown, around half of the employees of FabFurnish has been let go while others are being adjusted within the Future group. At the time of the acquisition about 100 people from FabFurnish had joined the firm.
Logistics startup Emiza raises $4.5m led by Mayfield
Existing investors Nishant Rao, chief operating officer at Freshdesk, and Dileep Nath, promoter of technology services firm Kanbay, also participated in the round.
With this latest funding Emiza’s total funding so far has reached Rs 35 crore ($5.4 million).
The Mumbai-based company plans to use the latest funding to strengthen its technology platform and hire senior executives for its leadership team.
Founded in 2015, Emiza offers less than truck load (LTL) distribution and warehousing for SMEs.