Indian eCommerce platform Naaptol has raised $21.4 million in series C round from Japanese conglomerate Mitsui & Co with participation from existing investors New Enterprise Associates, Canaan Partners and Silicon Valley Bank. Previously, the company had raised $25 million in series B and $8.5 in series A round. The latest round brings the total capital of the firm to $54.9 million from 3 rounds by 4 investors.
As per an ET report, the company aims to utilize the raised funds for its expansion. Its a marketplace which operates online, through newspaper advertisement and also through teleshopping.
The firm is targeting commission revenue of Rs 530 crore for fiscal 2016, a 54% increase over its 2014-2015 revenue. It drives about 85% of revenue from television, plans to grow to 90% this fiscal.
It competes with Reliance-owned TV shopping firm HomeShop18, as well as TVC SkyShop and StarCJ. The company will be focusing on doing more creatives across more products and expect to get in to profitability by the end of this year.