Japan’s Mitsui & Co is in talks with Kishore Biyani’s Future Group to invest in a venture that will supply fresh food to upcoming 7-Eleven stores and the group’s food and grocery retailing verticals. Meanwhile, Rent It Bae has acquired peer fashion rental services startup Flyrobe.
Mitsui & Co, Future in talks for supply venture
Japan’s Mitsui & Co is in talks with Kishore Biyani’s Future Group to invest in a venture that will supply fresh food to upcoming 7-Eleven stores, the group’s food and grocery retailing verticals as well as retailers and restaurants owned by other companies.
According to a report in The Economic Times, Mitsui may invest into the venture either through an existing company or via a separate vehicle.
Mitsui Foods Co supplies packaged foods, dairy products, livestock items, rice and cereals, ice-cream, instant foods and beverages, among other products. The same business model is being worked out for fresh food supplies to 7-Eleven, FoodHall, Big Bazaar as well as other quick service restaurants, the report added.
Rent It Bae buys Flyrobe
Both the businesses are being merged to form an entity worth Rs 60 crore, and will operate under the brand Flyrobe. The announcement on the same is likely in the next few days.
Co-founded by three Indian Institute of Technology Mumbai alumni in September 2015, Flyrobe has so far raised $10 million funding across two rounds. It counts Sequoia Capital, IDG Ventures (now Chiratae Ventures) and Tokyo-based GREE Ventures (now STRIVE) among its investors.