The wholly owned subsidiary of JMD Telefilms Industries Ltd., Bajaao will soon be raising INR 35 crore from US based investors, per Business Line’s Priyanka Pani. The funds will be utilized in expanding company’s reach to small towns as well as in adding more categories and labels. Portal founder, Ashutosh Pandey is also planning to launch its own private label with this deal.
Bajaao was started in April 2006 with a seed capital of INR 4 lakh as a Mumbai based direct online retailer for musical instruments and pro audio equipment. In 2011, it has been acquired by JMD Telefilms Industries Ltd, a BSE listed company having revenues of over INR 1 billion. JMD Telefilms have also invested an amount of USD 1.1 million in the company in 2010.
The portal currently offers over 12000 products across 20 categories which includes albums, stage amplifiers, indian instruments, strings, violins, wireless systems, parts and spares etc. among others.
The clients include Sony Music, Disney, Casio and a lot more among others.
As mentioned on the website, it is currently a USD 1.5 million company, carrying over 12000 products and shipping over a hundred orders every day. It aims at reaching to a turnover of INR 50 crore in next three years from the current INR 20 crores.
To contact the author, email at email@example.com