Times of India group has made a major investment in the fast growing e-commerce start-up Fab.com through the group company Times Internet. The investment is supposed to be in 7 figures. Personally, I think it is a very smart move by Satyan Ganjwani and probably the first serious attempt by an Indian web company to get a global footprint.
Fab founder and CEO Jason Goldberg announced on his blog that Times Internet has made a seven-figure investment in the company, which will help the design-focused e-commerce site expand its India market strategy. Times Internet is the digital arm of The Times of India Group, that country’s largest media company. The investment was overseen by Times Internet Group’s 27-year-old CEO Satyan Gajwani, who is intent on diversifying the its holdings.
In a profile by Leena Rao last month, Fab’s founders Goldberg and Bradford Shellhammer said that it is looking at South America and Asia as new markets. Since launching in June 2011, Fab has raised over $150 million, which has allowed it to expand to 26 countries, reaching more than 10 million people. And users aren’t just window-browsing: last month, Fab released data showing that it has enjoyed strong sales over the past year. Fab sold more than $6.5 million worth of product in the last week of November, up from $1.7 million from the same period last year, a whopping 300 percent increase.