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.

Cure.fit acquires Seraniti

Health and Fitness startup CureFit has acquired integrated mental wellness platform Seraniti. CureFit has rebranded Seraniti clinics at Bengaluru and Pune as Mind.fit, which offers online, and offline yoga, meditation and therapy services.

Seraniti was founded in 2016 by mental health practitioner. It offers psychotherapy services through 15 in-house professionals. Its team assesses the users' requirement and matches them to the right therapist. Users can then book an appointment. Seraniti claims it undertakes about 500 sessions a month in Bengaluru and Pune.

The Seraniti app is no longer available for users. Seraniti customers will be transitioned to the Mind.fit fold and will have access to yoga and meditation centres and do-it-yourself tutorials. They can now book appointments though the Cure.fit app.

Mind.fit claims to be India’s largest yoga chain with a membership of about 11,000, conducting 160 classes a day across its over 70 centres. CureFit is backed by venture capital firms Accel Partners, Kalaari Capital and Chiratae Ventures, which was previously known as IDG Ventures India. It formally launched the flagship Cure.fit mobile app in May last year. 

Another offering is Cult.fit, which runs offline centres that offer equipment-less workouts including strength and conditioning exercises, spinning, boxing, mixed martial arts, zumba and yoga. Eat.fit is its subscription-based food delivery vertical while Mind.fit focuses on yoga and meditation. Its latest offering, Care.fit, offers a digital platform for doctors and health checkups.