In April this year, the tele-shopping portal had raised US$21 million led by the Japanese business giant
The funding comes almost seven months after Mitsui led an investment round of INR 136 crore (around US$21 million) in the company, which also saw participations from New Enterprise Associates, Canaan Partners and Silicon Valley Bank.
With the latest round, Mitsui’s stake in Naaptol will go up from 5 per cent to 20 per cent.
“The company intends to use the funds for expanding its reach and building up an efficient supply chain. We would also upgrade our studio capabilities to churn out more and more content in multiple languages every day and invest in technology,” said Manu Agarwal, Founder and CEO of Naaptol.
Started in 2008, Naaptol is a comparison-based social shopping portal, which hosts a variety of products from hundreds of different brands. The company claims it is a one-stop destination for shoppers, merchants and market enthusiasts, that binds buyers and sellers in a lucrative network.
The startup facilitates sales of a gamut of products from a wide range of categories such as electronics, apparel, jewellery, home and lifestyle products.
Naaptol offers services over multiple touch points including print, TV, the web, mobile app and direct marketing. It claims to process around 20,000 orders and reach 160 million TV households in India on a daily basis.
Established in 1947, Mitsui & Co is a business group having interests in iron and steel products, mineral and metal resources, infrastructure projects, integrated transportation systems, chemicals, energy, food resources, food products and services, consumer services, IT and communication business, and corporate development business.
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