IndianRoots NDTV

NDTV’s board has approved the sale of its entire stake in NDTV Ethnic Retail Limited ( to Nameh Hotels & Resorts Private Ltd for Rs 3.6518 per equity share. As per an FY16 filing, the “Number of equity shares outstanding at the year end” were 141,862, a year in which NDTV Ethnic Retail Ltd reported a “Basic and diluted loss per equity share” of Rs 1011.76. This is not to say that more shares shares could not have been issued during FY17 to existing shareholders, but NDTV has not disclosed the total number of shares being bought by Nameh Resorts in its filing.

When NDTV had raised $5 million funding from KJS Group back in May 2015, it said that Indianroots’ valuation then was $85 million. Note that Kamaljeet Singh Ahluwalia, Chairman of the KJS Group (quoted here), held 8345 shares (around 5.83%) in NDTV Ethnic Retail Ltd by the end of March 2016 (pdf).

The deal is expected to be completed in 90 days, subject to shareholder approvals. NDTV Ethnic Retail Ltd was set up on February 28th 2013 as NDTV E-commerce Pvt Ltd, and owned and operates, which is the NDTV group’s first ecommerce site. It targeted a global diaspora with ethnic designer-wear, targeting markets in the US, Australia, UK, Canada and the middle east. was launched on July 29th 2013, with the former FashionAndYou CEO Rahul Narvekar heading the company. Narvekar had joined NDTV to head its ecommerce business in February 2013.

Shareholding changed?

Narvekar left the company in March 2016, and as of 31st March 2016 (pdf), held 9000 shares in the company (around 6.34% of the total shares). Kamaljeet Singh Ahluwalia (KJS Group) held 8345 shares (around 5.83%). At that time, NDTV Lifestyle Holdings held 43.09% of shares, NDTV Convergence held 22.78% and NDTV Worldwide held 14.10% of shares: a total of 79.97%.

Now in its filing announcing the sale, NDTV says that it holds around 99.92% of the total equity shareholding of through its subsidiaries NDTV Lifestyle Holdings Ltd, NDTV Convergence Ltd and NDTV Worldwide Limited. So things have changed in the last year: it could have either issued more shares to itself, or bought out the stake held by Narvekar and/or Ahluwalia.

Financial performance

Indianroots Retail Pvt Ltd is a 100% wholly owned subsidiary of NDTV Ethic Retail, as per a 2014 annual report for NDTV Ethnic Retail.


  • NDTV Ethnic Retail Ltd had a Net Worth of Rs 23.79 crores, with a total revenue of Rs 3.998 crores for the full year ended 31st March 2017 (FY17), contributing around 0.75% to the NDTV groups total revenue of Rs 148.479 crore for the year. The decline in revenue appears to have been drastic: for FY16, the company reported operating revenues of Rs 20.968 crore, up from Rs 19.224 crores in FY15, and Rs 5.604 crores in FY14. On the face of it, revenues for FY17 (Rs 3.998 crores) were lower than revenues for FY14 (Rs 5.604 crores). The company reported losses before tax of Rs 14.047 crores for FY16, down from Rs 15.569 crores in losses in FY15 and a loss of over Rs 20 crore in FY14.
  • Indianroots Retail Pvt Ltd (a part of this deal) had a total negative net worth of Rs 32.153 crores and Rs 0.699 crore in total revenue for FY17, contributing 0.13% to the groups total revenue.

Our coverage of past results

Additional reading:

  • NDTV Ethnic Retail annual report for FY14: PDF
  • NDTV Ethnic Retail annual report for FY15: PDF (Note: Barely readable)
  • NDTV Ethnic Retail annual report for FY16: PDF