Japanese trading firm Mitsui & Co, has invested Rs.343 core in a new round of equity in Naaptol Online Shopping, which owns and operates TV shopping and ecommerce platform Naaptol.com. This is in addition to Rs. 136 crore, which the company raised earlier in April this year.
This latest financing will increase Mitsui & Co’s stake in Naaptol from 5% to 20%. Naaptol intends to use the funds for expanding its reach and building up an efficient supply chain.
“The company intends to use the funds for expanding its reach and building up an efficient supply chain. We would also upgrade our studio capabilities to churn out more & more content in multiple languages every day and invest in technology. We are at an inflection point where transformational use of technology and expertise will define our future. This fundraise comes at an exciting time for us,” Manu Agarwal, Founder and CEO, Naaptol said in an official release.
Naaptol reaches 160 million TV households in India on a daily basis. The company plays over 350 hours of commercials every day in multiple languages. It sells a variety of products, including apparel, consumer electronics, home furnishings and kitchen appliances.