India Digest: Mitsui, Future mull supply venture; Rent It Bae buys Flyrobe

Future Group chairman Kishore Biyani. Photo: Hemant Mishra/Mint

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

Delhi based startup AARK World Pvt. Ltd, which owns and operates Rent It Bae, has acquired peer fashion rental services startup Flyrobe in a cash and stock deal, The Economic Times reported.

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.

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.

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.