Local search platform Askme is going to invest $20 Mn in Bangalore-based online furniture marketplace Mebelkart.
Manav Sethi, Group CMO Askme & head of digital strategy told ET, that the company will be investing this amount in MebelKart in a period of three months for a majority stake (75%) in the company.
Currently a 30 member team, MebelKart was founded by three IIT Delhi graduates, Rahul Agarwal, Nikhil Saraf and Ranjeet Vimal in 2012. MebelKart will operate as a separate legal entity, but in future it might be merged with Askme.
According to the Mebelkart, it sells more than 100,000 furniture products from more than 1,000 sellers across India.
According to Sethi, this investment will help both Askme and MebelKart to acquire a significant share in the furniture category.
Earlier in May, Askme had acquired grocery marketplace ‘BestAtLowest.com’ for about $10 Mn.
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