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NDTV’s Mojarto gets Rs 3 crore investment ; ecommerce revenues fall

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Mojarto, NDTV ecommerce’s marketplace for art discovery, has raised Rs  2.99 crore by way of equity share capital in June. The investment was made through OnArt Quest Limited, the subsidiary which owns Mojarto, but the company has not disclosed who the investors are.

Mojarto has more than 10,000 art works and collectibles. It has also partnered with more than 55 galleries, around 35 brands and over 1,500 independent artists, as indicated by this TechCircle report. It also has about 1,000 jewellery and merchandised pieces for first-time collectors.

Founded by Manisha Lath Gupta along with Tara Roy in December 2015, Mojarto is an art discovery and buying platform that curates a collection of proprietary artwork and collectibles from galleries, artists, brands, stores and designers.

NDTV’s financials

For the quarter ended June 2016 (Q1 FY17), NDTV’s ecommerce and retail division has reported revenues of Rs 2 crore, down 22.17% from Rs 2.57 crore in the same quarter last year. It also reported a loss of Rs 9.01 crore compared to the loss Rs 10.29 crore in the same quarter last year.

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Ecommerce segment has added new businesses which includes CarAndBike, BandBaajaa, SmartCooky and Mojarto. Prior to this, the ecommerce business was primarily IndianRoots.

The digital division reported revenues of Rs 23 crore down 11.54% from Rs 26 crore in the corresponding quarter last year. The television segment reported revenues of Rs 101 crore down 6.48% from Rs 108 crore in the same quarter last year.

NDTV’s posted a net loss of Rs 27 crore for Q1 FY17  compared to the loss of Rs 15 crore in the same quarter last year. “Quarter one is traditionally the weakest quarter for the Group for cyclical reasons,” the company added.

Demerger

Last quarter, NDTV said it is considering listing its website ndtv.com and its digital properties as a separate entity, which are operated by its digital subsidiary NDTV Convergence. This quarter, the board appointed a committee of independent directors to evaluate the merits of the demerger.

Download: Press release | Financials 

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