Online ethnic retailer, Cbazaar has raised an undisclosed amount in Series B round of funding led by private equity firm Forum Synergies\u00a0with its existing investors also participating in the round.\r\n\r\nHowever, as per ET Cbazaar has raised between INR 30-50 Cr. in this round and is now valued at\u00a0about INR150 Cr.\r\n\r\nAs a part of the investment, Hemchandra Javeri, co-founder and MD, Forum Synergies, will join the board of Cbazaar.\r\n\r\nThe raised funds will be used by Cbazaar to hire talent, improve technology and expand its in markets such as the US, the UK, Canada, South Africa and the Middle East.\r\n\r\nFounded by Rajesh Nahar alongwith Ritesh Katariya, Cbazaar offers a myriad of Indian Ethnic Wear for\u00a0men,\u00a0women\u00a0and\u00a0kids\u00a0and has the patronage in over 130 countries. It expects revenue of about INR 60 Cr. this year.\r\n\r\nAccording to retail consultancy firm Wazir Advisors, the ethnic wear market is expected to grow at 12% by 2018 to INR 500,000 Cr. from the current market size of INR 250,000 Cr. The women's ethnic wear market is expected to expand by 14% to INR 1.75 lakh Cr. in 2018.\r\n\r\nUtsav Fashions and NDTV\u2019s IndianRoots also operate in the ethnic wear segment. Recently, IndianRoots,\u00a0has raised\u00a0$5Mn in Series B round of funding led by\u00a0Astro Malaysia.\r\n\r\nLaunched as Chennaibazaar.com in 1998, it was rechristened as Cbazaar.com in 2005. In 2007, it acquired Homeindia.com a traditional\u00a0bridal wear\u00a0specialist. Cbazaar\u00a0had raised Series A funding of $3.5 Mn from Inventus Capital Partners and Ojas Venture Partners in 2012.