VC funding for Cbazaar
Secures $ 3.5 million Venture Capital funding.May 11, 2012 | comments ( 0 ) |
Cbazaar has raised Series A funding of US $3.5 million from Inventus Capital Partners a leading US-India venture capital firm with 17+ investments and multiple successful exits to its credit, and Ojas Venture Partners, a leading early-stage technology based investing firm.
Cbazaar.com was launched in 2005, completely on bootstrapped funds with an initial capital of Rs 12 lakh. At present Cbazaar services customers from across the world with shoppers from more than 54 countries transacting with Cbazaar on regular basis.
As part of this financing round, Samir Kumar, MD, Inventus Advisory Services and Pavan Krishnamurthy, Partner from Ojas will join aboard.
Ritesh Katariya, COO & Co-Founder Cbazaar added, “From 2005 we have built a strong supply chain structure with hundreds of vendors across the country. We have fabrics and designs from every region in India. Most of our customers are loyal to us because of the wide range of high quality apparel, and the unique, customized tailoring facility which we provide to them.”
Pavan Krishnamurthy, Partner, Ojas Venture Partners commented, “Rajesh and Ritesh, founders of the company have done a great job of building an e-commerce company with global customer footprints across 54 countries completely on bootstrapped funds and great product selection for customers. With the infusion of capital, we hope to accelerate the growth trajectory of the Company manifold and help the company to create a valuable business.”
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