Naaptol raises Rs136 crore from Japan’s Mitsui, others1 min read . Updated: 29 Apr 2015, 12:19 AM IST
Existing investors, New Enterprise Associates, Canaan Partners and Saama Capital also participated in the latest funding round, the company said
Home shopping and e-commerce firm Naaptol Online Shopping Pvt. Ltd on Tuesday joined a growing list of Indian start-ups to receive investor interest from East Asian conglomerates.
Naaptol, which operates an e-commerce website under the same name, raised ₹ 136 crore in its third round of funding from Tokyo-based Mitsui and Co. Ltd, which has business interests ranging from metals and automobiles to finance, electronics and energy.
Existing investors, New Enterprise Associates (NEA), Canaan Partners and Saama Capital also participated in the latest round, the company said, without disclosing deal terms. The Economic Times first reported the deal on Tuesday.
“We are glad to partner with Mitsui & Co. as we expand our business in our journey to become the largest home shopping network in the country," Manu Agarwal, founder and chief executive officer of Naaptol, said in a statement. “Our existing investors NEA, Canaan and Saama Capital have also participated in the funding round and continue to demonstrate confidence in our business model." Naaptol will invest the money to upgrade its studios in Mumbai, where it shoots product commercials that are aired on television channels.
Naaptol will also upgrade systems and incorporate consumer analytics at its call centres with the latest funding, Agarwal said in a phone interview. Buyers dial call centres to place orders.