IndianRoots.com raises about Rs 32 crore in fresh funding

IndianRoots.com has recently bagged $5 million from Jaipur-based KJS Group in fresh round of funding, valuing NDTV's e-commerce venture, which operates under NDTV Ethnic Retail, at $85 million or about Rs 545 crore.
IndianRoots.com raises about Rs 32 crore in fresh funding
IndianRoots.com has recently bagged $5 million from Jaipur-based KJS Group in fresh round of funding, valuing NDTV's e-commerce venture, which operates under NDTV Ethnic Retail, at $85 million or about Rs 545 crore.
The company will use the amount, raised on Wednesday, to scale up the portal's logistics and delivery mechanisms, and expand its marketing activity as it aims to be the market leader in Indian fashion in the year ahead.
Launched in mid-2013, the company showcases more than 100 designers and over 700 brands on its curated online marketplace. It has a worldwide customer base, with India and USA being the largest markets.
"With the fresh investment in the business and the complete backing of the NDTV Group, IndianRoots will be able to push harder in achieving its plans for the year. We look forward to our partnership with the KJS Group in strengthening the IndianRoots venture," said Prannoy Roy, co-chairperson of NDTV.
NDTV Ethnic achieved gross merchandise value of Rs 61 crore in 2014-15, a twelvefold jump over that in the previous year.
Speaking about the company's investment, Kamaljeet Singh Ahluwalia, Chairman, KJS Group and Karanpal Singh, Director, KJS Group said said, "Given our interest in the e-commerce sector, partnering with a respected and credible organisation such as NDTV was the obvious choice for us. Given the clear positioning of IndianRoots and its achievements in the Indian fashion domain, we are confident that the business has a great growth story ahead."
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