Update: IndianRoots CEO Rahul Narvekar has sent us the following numbers for the companys performance in the last quarter:
– Gross Merchandise Value of Rs. 29 crore during the quarter, which he says has grown by more than 11 times as compared to preceding quarter.
– Average Order Value of Rs. 19,000.
– 50% orders from India.
– 30% repeat customers.
Earlier today: NDTV’s e-commerce business NDTV Ethnic Retail Limited (which operates IndianRoots.in) has reported revenues of Rs 6.06 crore for the quarter ended December 31, 2014, as compared to revenues of Rs 2.09 crore in the same quarter last year and Rs 2.28 crore revenues in the previous quarter. The segment has posted a loss before tax of Rs 6.02 crore for the quarter, marginally higher than the Rs 5.38 crore loss in the same quarter last year and significantly higher that the Rs 3.16 crore loss in the previous quarter.
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.
The company has tie-ups with close to 500 brands and designers, and last year it had also introduced custom tailoring for Salwar Kameez, Sarees, Trousseau collection for the bride and family, Men’s Kurta Pajama, and Men’s Sherwani among others. Users need to email a picture of the garment that they want to recreate and the Indiaroots team will get in touch with them for measurements and preferences.
NDTV Ethnic Retail had acquired 100% stake in JA Ethnic Retail Private Limited, in November 2013.
United States is the biggest market for the company followed by India. Last year, NDTV had mentioned that IndianRoots had touched an average order value of Rs 9,000. It had also mentioned that the company had spent an incubation cost of Rs 25 crore on the venture and is currently in talks to raise capital through private placement.
In November last year, NDTV had informed BSE that its board of directors had mandated NDTV management to focus on further investing in its online assets. This followed the company board’s direction to the management to explore restructuring or private placement in NDTV’s digital business NDTV Convergence and other subsidiaries in May last year.