India Digest: Future Group to close FabFurnish; Emiza raises $4.5m led by Mayfield

Image sourced from Fabfurnish's website

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

A year after it had acquired FabFurnish, Kishore Biyani-led Future group is planning to shut down the online furniture store, said a Times of India report, quoting sources.

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

Logistics startup Emiza Supply Chain Services has raised $4.5 million in a funding round led by US-based venture capital firm Mayfield, according to a report in The Economic Times.

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.

Also Read:

India: Future Group to buy FabFurnish

India: Biyani to spin off home retail biz, to be combined