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Multi-channel home shopping company Naaptol has raised Rs 343 crore in equity funding from Japanese conglomerate Mitsui & Co, which had early this year invested Rs 136 crore into the company.
This latest financing is a significant step-up, as it will increase Mitsui & Co’s stake in Naaptol from 5 per cent to 20 per cent. The deal underlines the intensity of Naaptol’s imminent growth in the home shopping industry.
Manu Agarwal, Founder and CEO, Naaptol, said: “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 and 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.”
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 facilitates the sales of a gamut of products from a wide range of categories like electronics, apparel, jewellery to home and lifestyle products. Naaptol is the only independent multi-channel shopping company in India that has presence across leading channels of television, internet, print & mobile, says a company release.
Mitsui & Co. has home shopping business in Japan, Taiwan & China.
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