Cbazaar, an etailer of Indian ethnic wear and accessories has raised Series A funding of US $3.5 million from Inventus Capital Partners and Ojas Venture Partners. As part of this financing round, Samir Kumar, MD, Inventus Advisory Services and Pavan Krishnamurthy, Partner from Ojas will join aboard. This investment will enable Cbazaar to establish a unique brand position and capitalize on the rapidly emerging opportunities in the online domain.
Commenting on the fund raising Mr. Rajesh Nahar CEO & Co-Founder Cbazaar said, “We launched Cbazaar.com in 2005 for the international market and have recently launched Cbazaar.in for the Indian market. Our vision is to be the largest online retailer of men’s, women’s, & kid’s ethnic wear and accessories.”
This fashion portal houses ranges of Indian couture on a single platform with more than 15,000 items, and on an average adds more than 100 designs every day. Recently Cbazaar launched its application on the Windows 8 platform. This store offers a unique shopping experience to its customers, including customization in terms of design and measurement.
Commenting on this investment, Mr. Samir Kumar, MD, Inventus Advisory Services said, “The market that Cbazaar addresses is very large, and we’re confident that with this infusion of capital, the entrepreneurs will propel the company to an even higher level of growth.” Mr. Pavan Krishnamurthy, Partner, Ojas Venture Partners commented, “With the infusion of capital, we hope to accelerate the growth trajectory of the Company manifold and help the company to create a valuable business.”
Cbazaar.com was launched in 2005, completely on bootstrapped funds with an initial capital of Rs 12 lakh. At present Cbazaar services customers from across the world with shoppers from more than 54 countries transacting with Cbazaar on regular basis. The company has been witnessing a year-on-year growth of over 100%.
Mr. Ritesh Katariya, COO & Co-Founder Cbazaar added, “From 2005 we have built a strong supply chain structure with hundreds of vendors across the country. We have fabrics and designs from every region in India. Most of our customers are loyal to us because of the wide range of high quality apparel, and the unique, customized tailoring facility which we provide to them.”