Naaptol, which runs TV shopping and eCommerce platforms, has raised $51.7 million in a new round of equity funding from existing investor Mitsui & Co.
With this, the Japanese conglomerate has strengthened its foothold in the company from 5% to around 20%, valuing Naaptol at about $328 million.
The company had raised $21.4 million in series C round from from the same investors with participation from New Enterprise Associates, Canaan Partners and Silicon Valley Bank. Prior to that, the company had raised $25 million in series B and $8.5 in series A round.
The raised capital shall be used to expand its reach and build up an efficient supply chain. The company will also upgrade its studio capabilities to churn out more & more content in multiple languages every day and invest in technology.
Commenting on the development, Manu Agarwal, Founder and CEO, Naaptol said, “We are at an inflection point where transformational use of technology and expertise will define our future.”
Founded in 2008, Naaptol was one of the early adopters of eCommerce in India. The company has both online and tele-shopping platforms. In eCommerce, it is competing with the likes of Flipkart and Snapdeal. Overall, it stands as a direct challenger to Homeshop 18 which too runs both eCommerce and TV shopping platforms.