NDTV’s e-commerce business NDTV Ethnic Retail Limited (which operates IndianRoots.in) has reported revenues of Rs 5.77 crore for the quarter ended June 30, 2015, as compared to revenues of Rs 4.44 crore in the same quarter last year, a growth of 29.96%. However on a sequential basis, revenues were down 15.14% from Rs 6.8 crore.
The segment posted a loss before tax of Rs 8.39 crore for the quarter, significantly higher than the Rs 4.50 crore loss in the same quarter last year but lower than loss of Rs 9.99 crore loss in the previous quarter.
IndianRoots achieved a gross merchandise value (GMV) of Rs. 21.7 crore versus a GMV of Rs. 26 crore in the preceding quarter. The company had mentioned in the preceding quarter that the Average Order Value for FY15 was Rs 17,000.
NDTV had launched IndianRoots in July 2013 and it currently focuses on Indian ethnic wear, including women’s apparel such as sarees, lehengas, salwar kameez & kurtis and men’s apparel like sherwanis, kurta pyjamas & jackets. It also offers accessories like jewelry, bags, wraps and others along with home furnishing, stationery products and handicraft products from local artisans.
In May, Indianroots raised $5 million from the KJS group with a valuation of $85 million.
Digital business revenue
NDTV’s digital business reported revenues of Rs 26.2 crore f0r the current quarter, growing 51.44% from Rs 17.3 crore in the same quarter last year. The company mentioned that digital and e-commerce revenues now account for 21% of total group topline, up from 13% in the same period last year.
Note that the company still does separate out the segment in its financials.
NDTV also says that it has raised investor funding at a combined valuation close to $80 million for its new ecommerce ventures in Gadgets and Car & Bike. The investors include: Inflexionpoint (Cofounded by John Scully, former Apple CEO), Pramod Bhasin (Founder, Genpact), Vindi Banga (Former Chairman, Unilever), Hiro Mashita (Founder and Director of M&S Partners) and other HNIs.
The new ventures are:
– Gadgets 360° which will provide a curated marketplace for exclusive launches of mobile phones and other electronic gadgets. Gadgets 360° (currently known as NDTV Gadgets) claims 20 million unique visitors every month. Gadgets 360 is now valued close to $50 million.
– Fifth Gear Auto, a new auto portal which leverages NDTV’s car and bike programming. The venture has raised funds with a valuation of $30 million.
Earlier in June, the company had signed preliminary, non-binding term sheets with potential investors for new ecommerce portals in food, auto and gadgets.
The company in its financials mentions that the board of the company has accorded four new companies to be incorporated under NDTV Convergence. They are: SmartCooky Ventures Limited (food portal?), Fifth Gear Auto Limited, Red Pixel Gadgets Limited and BrickbuybBrick Ventures Limited (possible property portal?).
– The company reported net loss of Rs 24.3 crore. Operating revenues for Q1 FY16 were pegged at Rs 125 crore, as opposed to the Rs 151.6 crore in the corresponding quarter last fiscal.
– The TV business reported revenues of Rs 107.8 crore, down 20.67% from Rs 135.9 crore in the same quarter last year.