Leading online home furnishings platform FabFurnish has recently announced a change in top level management as co-founders Vikram Chopra and Mehul Agrawal have both stepped down from running the company's day-to-day operations..
Leading online home furnishings platform FabFurnish has recently announced a change in top level management as co-founders Vikram Chopra and Mehul Agrawal have both stepped down from running the company's day-to-day operations, and have been replaced by senior directors Ashish Garg and Ankita Dabas.
According to a company statement, Garg and Dabas have replaced the co-founders however,it did not disclose the exact reasons for the change in leadership, but said the restructuring was undertaken to "bring about a 360-degree reformation in the work culture and organisational composition."
"FabFurnish.com... plans to reposition itself to keep pace with the evolving market trends and customer preferences in the near future," the press release said.
The company, however, stated that former co-founders, Chopra and Agrawal, will continue their association with the brand as advisors to the company.
The FabFurnish announcement comes on the same day as the Board of another high profile startup, Housing.com, took the decision to remove its co-founder Rahul Yadav, citing the latter's "behaviour towards investors, partners and the media" as the reasons for his ouster.
FabFurnish, which is backed by Swedish investment giant AB Kinnevik and and Berlin-based Rocket Internet AG, competes with the likes of Steadview Capital and Sequoia Capital-backed Urban Ladder, and Pepperfry, which counts investors such as Bertelsman and venture capital firm Norwest Venture Partners.
"While much can't be revealed yet, the company promises a much-coveted initiation in the Indian e-commerce space in months to come, and has aggressive plans to expand its online presence," the press note said.
Earlier this year, it had been reported that FabFurnish was looking to raise a fresh round of capital, its fourth, estimated at over $50 million, and expected to close the same within six months to a year's time. Till date, it has raised about $30 million in funding.
The proceeds from the anticipated round were to be used for investing in warehouse development, expansions of physical stores, logistics and marketing activities, according to Chopra, the former co-founder of FabFurnish.
This is the latest in a series of leadership churns that have taken place in a Rocket Internet-incubated company in India.
In March earlier this year, Printvenue, an online portal for printing and personalised products, and which is also part of the Rocket Internet portfolio, saw Saurabh Kochhar, a former chief executive of the company, being named as CEO of online food ordering platform Food Panda's India operations.
Food Panda is also part of the Rocket Internet group of companies, which also include ventures, such as, online fashion retailer Jabong, CupoNation, office supplies retailer OfficeYes and 21Diamonds. The online food ordering platform, incidentally, has also seen the departure of one of its original co-founders in India, Amit Kohli, who quit in 2013.
Separately, Jabong, which competes with the likes of Flipkart-owned Myntra, Snapdeal, which is India's largest online marketplace, and Amazon, has also seen two of its co-founders, Manu Jain and Lakshmi Potluri, depart.
Jain currently heads the domestic operations of Chinese smartphone manufacturer Xiaomi, one of the world's most richly valued private enterprises, estimated at $45 billion.
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