Naaptol Online Shopping, which owns and runs TV shopping and ecommerce platform Naaptol.com, has raised INR 136 Cr. from Japanese conglomerate Mitsui & Co. Its existing investors New Enterprise Associates, Canaan Partners and Silicon Valley Bank has also participated in this round of funding.
This is third round of institutional funding raised by Naaptol, the company had previously raised $25 Mn in a second round of funding led by PE firm NEA and did a top-up round of $7 Mn in 2013 from existing investors. As per reports, its existing investors now hold a majority stake in the company.
The company will use the funds raised for its expansion plans. “We are already in 24/7 format across languages, and in this fiscal, we hope to be the largest home shopping network in India,” Manu Agarwal, founder and chief executive of Naaptol said.
He further added, “Automation of our supply chain is also right on top of our agenda. We will be focusing on doing more creatives across more products.
The Mumbai based company is focussing on the commission revenue – which is net revenue, not gross – of INR 530 Cr. for fiscal 2016, a 54% increase over its 2014-15 revenue. It currently, derives 85% of revenue from television, which it expects to grow to 90% this fiscal.
The seven year old company expects to get profitable by the end of this (financial) year.