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Cbazaar raises Series B funding from Forum Synergies & existing investors

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Fashion e-tailer Cbazaar.com has secured an undisclosed amount of Series B investment from Bangalore-based PE fund Forum Synergies, with participation from existing investors Inventus Capital Partners and Ojas Venture Partners, reports The Times of India. Forum Synergies will join the Net Avenue Technologies’ board, which operates Cbazaar. The Chennai-based company plans to use to funds to expand to new markets, like Mauritius, South Africa and Australia.

Cbazaar had raised $3.5 million in a Series A round of funding from Inventus Capital Partners and Ojas Venture Partners, back in May 2012, which they invested in technology, customer acquisition and for marketing initiatives in India and overseas.

Rajesh Nahar and Ritesh Kataria founded Net Avenue Technologies in 1998 and operated an online marketplace Chennaibazaar.com. In 2005, it was rebranded to Cbazaar.com with a focus on Indian ethnic wear. Cbazaar had also acquired bridal wear specialist HomeIndia.com in 2007. It currently claims to cater to customers in over 130 countries and offers them over 15,000 products and styles to choose from. Besides off-the-shelf products, Cbazaar also offers services like tailoring, designing and styling.

Competition

– Last year, television network NDTV had launched an e-commerce platform offering ethnic wear called IndianRoots.in. It acquired 100% stake in JA Ethnic Retail, in February this year.

– Times Internet’s digital arm Indiatimes had launched an NRI-focussed e-commerce site HutK.com, which offers ethnic Indian apparel for men and women, jewelry, handicrafts such as paintings and sculptures and spiritual items like japa malas (rosaries) and puja items. The site now seems to be linked to Indiatimes Shopping.

– Other players in this space include Utsav Fashion and 99labels.com operated ethnic wear store 9rasa.com, which was launched in October 2012. Besides this, e-commerce stores like Myntra, Flipkart, Snapdeal and Jabong also offer ethnic wear.

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