 "LatestOne.com plans to raise Rs 30 cr")
Hyderabad-based e-commerce portal for mobile and tech accessories, LatestOne.com, today said it has engaged an investment banker to raise Rs 30 crore from private equity firms in addition to Rs 15 crore being lined up from internal accruals to fund their expansion plans.
The two-year-old e-tailer, which claims to have 1.25 lakh visitors and processes over 4,000 orders per day, has also announced the launch of a B2B wholesale portal.
Palred Technologies chairman Palem Srikanth Reddy said they will be investing Rs 45 crore to set up more number of warehouses and other facilities for their e-commerce subsidiary with an aim to reach a revenue size of around Rs 300 crore from the present Rs 60 crore level.
The new B2B site offers a managed market place to Indian manufacturers and importers. Dealers will get wholesale prices for a minimum order value of Rs 3,000 crore with an access to a catalogue of 10,000 mobile and tech accessories, according to the company.