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Online furniture store FabFurnish plans to raise over $50 mn in 2015 to fund its expansion

Online furniture store FabFurnish is planning to raise
over $50 million from existing investors within the next one year to fund its
expansion plans, reports the
Economic

Online furniture store FabFurnish is planning to raise
over $50 million from existing investors within the next one year to fund its
expansion plans, reports the
Economic
Times

The company
said that the funds will be invested in warehouse, expansions of physical
stores, logistics and marketing activities. The
company has reportedly already raised more than $30 million from these
investors. 

“Within the next six months to one year we
are eyeing to raise fresh funds of more than $50 million from our existing
investors, including Rocket Internet and Kinnevik,” FabFurnish CEO and
Co-Founder Vikram Chopra told PTI. 

Chopra added that the company has aggressive plans to
expand the number of stores to push its private labels as part of its brand
building exercise. Currently,
FabFurnish has stores in Bangalore, Gurgaon and Faridabad. 

Chopra was quoted in the report as saying that furniture
is a segment which does not have a brand as such in our country. Whatever we
sell is our own private label, so there is tremendous opportunities in building
these owned brands and for these we need to have multiple touch points with our
consumers.

Chopra
also added, “We are focusing on building stores not because we want to
increase our sales but as part of building our brand image. We want to take our
brands to a large number of people through this.” 

Currently,
95% of the company’s sales is generated online while the rest comes from its
brick and mortar stores. Chopra
said that the company has grown by three to four times in the last year
and they expect it to become India’s largest furniture retailer in both online
and offline within the next few months.

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