NDTV Ethnic Retail Ltd, a subsidiary of the NDTV Ltd, which operates the group’s eCommerce venture, IndianRoots, has raised a fresh round of funding of $5 million at a valuation of $85 million led by Jaipur-based KJS Group. The new funds will be used to scale up the portal’s logistics and delivery mechanisms, expand its marketing activity with the aim to be the market leader in Indian fashion in the year ahead.
IndianRoots launched in mid-2013, has a worldwide customer base with India and USA being the largest markets. The company has also launched its app for Android users.
NDTV Ethnic had achieved gross merchandise values (GMV) of Rs. 61 crores in the year ending March 31st 2015, a twelve fold jump over its previous year.The total market size of ethnic wear is said to be more than Rs 7,000 Cr, IndianRoots competes with other ethnic wear retailers including Cbazaar, Utsav Fashions etc. Cbazaar received series B funding at Rs 150 crore valuation in November 2014. Exclusively.in also operated in a similar space, and was acquired by Snapdeal in February this year.