BackNDTV venture Indianroots raises $5 million
Firm will use the funds to scale up the portal's logistics and delivery mechanisms and expand its marketing activity
Premium
New Delhi: IndianRoots.com, an e-commerce venture by NDTV Ethnic Retail Ltd, a subsidiary of the NDTV Ltd, has raised $5 million in fresh funds at a valuation $85 million from KJS Group, the company said in a statement on Thursday. Indianroots sells ethnic wear.
The company will use the funds to scale up the portal’s logistics and delivery mechanisms and expand its marketing activity.
“We have always envisioned IndianRoots.com as the leading e-commerce player in its segment. With the fresh investment in the business and the complete backing of the NDTV Group, IndianRoots will be able to push harder in achieving its plans for the year. We look forward to our partnership with the KJS Group in strengthening the IndianRoots venture," said Prannoy Roy, co-chairperson NDTV.
IndianRoots.com was launched in mid-2013 and has over 100 designers and 700+ brands on its online marketplace. It has a worldwide customer base, with India and the US being the largest markets, the company said.
According to the company, NDTV Ethnic reported gross merchandise values (GMV or cost of goods sold) of ₹ 61 crore in the year ending 31 March, a 12-fold jump over its previous year.
“Given our interest in the e-commerce sector, partnering with a respected and credible organisation such as NDTV was the obvious choice for us. The clear positioning of IndianRoots and its achievements in the Indian fashion domain, we are confident that the business has a great growth story ahead," said Kamaljeet Singh Ahluwalia, chairman, KJS Group and Karanpal Singh, director, KJS Group.
KJS Group has businesses across infrastructure, power, IT services, hospitality and e-commerce. The group also runs hotel booking engine roomcentral.com and vcloud.in, a rewards and privileges programme for luxury shopping.
“IndianRoots will leverage synergies with the KJS Group through its hospitality platforms and also its online platforms such as vcloud.in, a loyalty programme that compliments the positioning of IndianRoots," an NDTV spokesperson said.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
