Ecommerce, Investments, News

NDTV announces Q3 2013 results, IndianRoots earns INR 1.58 Cr till October

indianrootsNDTV recently announced its Q3, 2013 unaudited financial results revealing a consolidated net loss of INR 15.26 Cr for the quarter ended September 30, 2013. NDTV currently operates in two major segments viz. television media and retail/eCommerce.

For this quarter, television media reported revenue of INR 10.74 Cr, a 4.70% increase over the previous quarter. The eCommerce arm of NDTV, IndianRoots, however reported a revenue of INR 52 lakhs along with a loss of INR 3.37 Cr.

IndianRoots was launched in July this year along with NDTV bringing Fashionandyou’s co-founder Rahul Narvekar to head its eCommerce venture.

As said by Rahul Narvekar, IndianRoots has achieved INR 1.58 Cr till October 2013, i.e. within 4 months of its launch. The growth seems to be on the right path if compared with Flipkart which recently raised USD 360 Mn (which is the single largest amount to be ever raised by any Indian Internet business), achieving a total revenue of INR 4 Cr in the first year of its launch (2008-2009).

Webstore currently offers 16,000 products representing over 112 of Indian ethnic brands and over 30 designers including Sabyasachi, Sanjay Garg, Neeta Lulla, Anita Dongre, Meera-Muzaffar Ali, etc.

It is getting about 526,796 unique visitors, 5.68 Mn pageviews and 6.65 pages per visit, with average time spent by users being 6.11 minutes. Even the average order value that it is trading at is INR 7,600.

It is having its customer base in  201 countries, with 75% of the revenues coming from outside India and only 25% from India.

“Since we don’t do Cash on Delivery we do get a lot of calls daily from tier 2 , 3 and 4 cities hounding us to start a cash on delivery products,” said Rahul Narvekar. But as of now they have no plans to introduce cash on delivery.

The company is also actively working with regional brands like Weavers Studio from Kolkata and offering them a global platform to reach out to NRIs, PIOs and affluent Indians within the country.

The total market size of ethnic wear is said to be more than INR 7,000 Cr, Indianroots competes with other ethnic wear retailers including Cbazaar, Utsav Fashions etc.

In May, NDTV Worldwide and NDTV Convergence, subsidiaries of NDTV, have picked up a stake of 37.55% and 33.2% respectively in it’s eCommerce arm, NDTV Ethnic Retail Ltd for a consideration of INR 4.2 Lakhs.

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