Online retailer for musical instruments and pro-audio equipment Bajaao.com is raising up to ₹35 crore from two US-based investors. In 2010, the e-tailer had raised $1.1-million angel funding from Kolkata-based entertainment company JMD Telefilms.

Confirming the development, Bajaao’s Founder and CEO Ashutosh Pandey said since the company is currently under a non-disclosure agreement with the investors, it cannot divulge further details of the deal.

However, Pandey said the funds will be used to expand the company’s operations in small towns, add more musical instrument categories and labels, besides introducing its own private label. He added that the two investors, who are associated with the music industry for long, will help bring expertise into the company.

Pandey, who started Bajaao in 2006 with a seed capital of ₹4 lakh, says there is a huge opportunity in the music segment in the country as the entertainment industry continued to grow.

Bajaao, which sells about eight different brands of musical instruments, had a turnover of ₹20 crore last fiscal. The company’s target is to reach ₹50 crore in the next three years. Bajaao.com does not work on cash-on-delivery like other e-tailers.

The Mumbai-based portal has sold products starting from ₹8,000 to ₹1.4 crore for a public address system. Bajaao is also into acoustic and audio visual consulting for projects like recording studios, auditoriums, cinemas and other acoustical spaces.

The company has worked with clients such as Specialty Restaurants Ltd and Disney, and is currently working with the Maharashtra Government for the renovation of Keshavrao Bhosale Natyagriha, Kolhapur, which has recently been given heritage status.

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