Fabfurnish to raise $50 million

Home furnishings and furniture brand, Fabfurnish looks to raise about $50 million in the next six months for strengthening infrastructure, technology and market development. Currently, it has a presence across 50 cities. The brand sells more than one lakh different SKUs (Stock Keeping Units) which will grow with more brands.

So far it has raised a total of about $25 million. Enhancement of warehousing capacity, technology upgradation, tracking of delivery and aggressive marketing are the major areas for which the brand would require funds. At present, it has three warehouses spread across an area of three lakh square feet. It plans to double the area by next year.

Vikram Chopra, Chief Executive Officer and founder, Fabfurnish says, “Presently, about 60 per cent of our business comes from the top 8-10 cities where we have our own delivery supply chain. In other cities, third-party vendors are used for delivery. We wish to expand our own delivery supply chain as much as possible in order to exercise more control.”

Fabfurnish has a wide online presence. The brand provides a holistic experience to consumers. Its offline stores enable customers to experience the products before they buy. “Stores help us build trust and credibility,” adds Chopra.