New Delhi, Nov 24 (IANS) Multi-channel home shopping company, Naaptol Online Shopping, has raised Rs.343 crore in a new round of equity funding from Japanese conglomerate Mitsui & Co, a company statement said here on Tuesday.
The latest financing increased Mitsui & Co’s stake in Naaptol from 5 percent to 20 percent. This is in addition to Rs.136 crore which the company raised earlier in April this year.
“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,” Manu Agarwal, founder and chief executive officer of Naaptol, said.
Naaptol reaches 160 million TV households in India on a daily basis. It plays over 350 hours of commercials every day in multiple languages.