New York-based e-commerce company Fab.com has acquired Pune-based technology startup True Sparrow Systems Pvt Ltd for an undisclosed amount. True Sparrow was the technology backend for Fab.com since its inception and has common Indian co-founders â€“ so the deal is more of a merger of sorts.
True Sparrow was established in 2007 by the husband-wife duo Nishith and Deepa Shah who also joined hands with Jason Goldberg to start Socialmedian. Later, these three came together with Bradford Shellhammer to start Fab.
"We are proud to announce that Fab has acquired True Sparrow. True Sparrow and Fab have always been one team. And today, we are one company. Today is a new beginning. Today is a start of another remarkable journey with the Fab family," read a part of the message from Deepa and Nishith Shah on the True Sparrow portal.
Before co-founding Fab, Goldberg and Shellhammer had collaborated for a failed venture Fabulis, a social network for the gay community.
Besides selling designer products online, Fab.com happens to be a platform for independent designers as well. Here, people can browse through a wide range of products across various categories and share those across social media platforms.
Till date, Fab raised around $169 million in four rounds, starting with an angel round that had seen participation from actor-cum-investor Ashton Kutcher. The site, which has some 9 million users, also raised funding from Andreessen Horowitz, Atomico, Menlo Ventures and Mayfield Fund, among others. The firm is valued at over $600 million.
In a report, The Economic Times added that the current acquisition is a cash-and-stock deal.
(Edited by Sanghamitra Mandal)