Online comparison based shopping platform Naaptol has raised Series C funding worth Rs 136 crore from Mitsui & Co, with participation from existing investors New Enterprise Associates, Canaan Partners and Silicon Valley Bank reports ET. The funds will go towards expansion, automation of its supply chain and product development. Although currently shipping only in India, it seems that Naaptol might start shipping internationally, if this FAQs is anything to go by.
Mitsui is said to hold single digit percentage stake in Naaptol, and the investment bank Jefferies India was the financial adviser for the transaction. Institutional investors also hold a majority stake in Naaptol. The ET report added that Naaptol generated 85% of its revenue from television.
In late 2011, the Mumbai based Naaptol raised ~Rs 122.5 crore ($25 million) in an all cash funding round led by New Enterprise Associates (NEA), with participation from earlier investors Canaan Partners and Silicon Valley Bank. Following the funding, NEA’s Bala Deshpande joined the board of directors at Naaptol. In 2010, Naaptol had raised Rs 33 crore from Canaan Partners, and had expanded its television presence to compete with home shopping networks such as STAR CJ and HomeShop18.
Started in 2008 by Manu Agarwal, the company claims to have over 470 brands and its app is available across Android, iOS, Windows, Blackberry and Ovi platforms. In 2011, it had launched a private sales site called Naaptol Club to offering deals with 80-90% discount on fashion apparels like denims, formals and accessories like sunglasses, watches and perfumes from different brands including Guess, Levi’s, Numero Uno, Puma and Revlon. It also offers a loyalty points system called Naaptol Rewards where it discounts the items further and adds points to redeem for its users and has a tie up with Payback. Some of its competitors include HomeShop18, TVC SkyShop and StarCJ.
Late last year we reported that employees at Homeshop18’s Bangalore office, where its ecommerce division operated from, were given an option to join Reliance Retail. This was almost a month after Homeshop18 withdrew its $75 million IPO, for which it had filed on April 3rd (2014).