Rent It Bae acquires Flyrobe

Fashion rental service, Rent It Bae, owned by AARK World, has acquired its rival Mumbai based Flyrobe in a part-cash and part-stock deal. The parent company AARK World has decided to merge the two fashion rental spaces and operate under the banner of Flyrobe. The value of the two companies is somewhere around INR 60 Cr post-merger.

With this deal, the new entity Flyrobe plans to hit profitability in the upcoming 12 months and accelerate its growth and expansion. Flyrobe plans to expand its services from five offline stores and plans to add another 15 owned and franchise stores in 2020 in both Tier 1 and Tier 2 cities. It also aims to set foot overseas into Dubai, London and the US through a franchise model.

Flyrobe is currently present in 30 stores across India through online channels and is looking for a partnership with franchise stores to expand in more regions. The company believes that the experience of local players in their market will help Flyrobe gain mass customers. Founded in 2015 by Shreya Mishra, Pranay Surana, and Tushar Saxena, Flyrobe is a fashion rental service that allows users to rent premium apparel and accessories at a fraction of the retail price. The platform also catalogues collections from designers such as Ritu Kumar, Masaba Gupta, Quirk Box, Outhouse, etc.

The company, which was previously backed by Chiratae Ventures (formerly known as IDG Ventures India) and Sequoia Capitals, claimed to have over 1,800 curators and 3500 curation applications onboard.

InMobi’s Glance acquires Roposo

Glance, a business unit of Bengaluru based advertising tech company InMobi’s Group has acquired the short-video platform Roposo, for an undisclosed amount to boost its vernacular video content capabilities.

Operated by Gurugram-based Relevant E-Solutions Private Limited, Roposo is backed by investors such as Tiger Global Management and Bertelsmann India Investments. Glance is an artificial intelligence (AI)-powered platform that delivers personalized, ad-free content to the lock screens of smartphones. It comes pre-installed in many Android smartphones and has more than 60 million daily active users.

Glance will now have access to Roposo’s network of professional, vernacular content creators and more than 42 million users in India. It will also own Roposo’s video technology, platform, and brand. Founded by IIT Delhi alumni, Roposo’s interface allows users to watch videos in 10 languages, across 24 channels. The acquisition will enable Glance to tap into Roposo’s network of regional influencers and create vernacular video content.

Glance provides content in English, Hindi, Tamil, and Telugu, and nearly 60% of its users in India are in Tier 2 and Tier 3 cities. They spend an average of 22 minutes a day consuming content in a language of their choice.

PayPal to acquire Honey Science

PayPal Holdings Inc. will acquire Honey Science Corp. for about $4 Billion, it’s largest-ever acquisition, adding a startup that amasses valuable data on consumer buying habits and doles out coupons for online bargains.

About 17 million people use Honey apps or web browser extensions to find discounts at online shopping sites. The start-up was profitable in 2018. Shares of the payments giant were little changed in extended trading. Honey is valued at almost twice what PayPal paid for its next-largest deal, iZettle, the Swedish provider of small-business services it purchased in 2018 and marks the first major acquisition this year.

Honey, which was founded in 2012, will keep its base in Los Angeles, and the founders will continue to run the business. The company’s services include a browser extension that automatically applies coupons at e-commerce sites. Honey’s capabilities will give customers better shopping experience, and help merchants drive sales, partly with more timely and personalized offers.