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.
Related Tags:Online furniture store FabFurnish, invested in warehouse, Co-Founder Vikram Chopra, Rocket Internet