India: Online furniture marketplace Mebelkart acquires 53central.com

Visual from Mebelkart website

Online furniture marketplace Mebelkart has acquired 53central.com, a crowd bargaining platform that enables group buying options for sports enthusiasts worldwide.

53central.com was founded by Josy Mathew this year. Post acquisition, Mathew will join Bangalore-based Mebelkart as the head of business development and lead its new business lines of bulk selling under Mebelkart.com.

“Group Buying is expected to become phenomenally large in case of the furniture and interior design industries. This acquisition will enable us to further strengthen our position in these sectors. We will be looking at more acquisitions and acquihires in the future to grow inorganically and expand our reach to global market,” Rahul Agarwal, Co- Founder and CEO of Mebelkart said.

Founded by three young IITDelhi graduates and entrepreneurs Rahul Agarwal, Nikhil Saraf and Ranjeet Vimal in 2012, MebelKart currently sells more than 100,000 furniture products across India from more than 1,000 sellers across the country.

It received $20 million in funding from local search platform Askme.com, a Getit Infomedia company, in return for a majority stake in August as it looks to expand its service offerings to be able to evolve as an international player.

On getting Mathew on board, Agrawal said, “Josy has, over the past year, has launched and scaled up a great concept, with strong online and offline roots. We welcome Josy and his team into the Mebelkart family. We are confident that the expertise and experience of the 53central.com team will enable us to expand and strengthen our foothold as the No. 1 online retailer in the furniture industry.”

In its efforts to encourage and promote aspiring entrepreneurs, Mebelkart along with Askme.com, has also started an Entrepreneur in Residence Program with the single defined objective of working with entrepreneurs, giving them strategic knowledge, planning and mentorship.

Also Read: 

Sequoia-backed Urban Ladder plans big investments to become one-stop home furnishings provider

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.