LatestOne gets additional funding from promoters

Tech accessories on-line store LatestOne.com is receiving an additional funding of Rs 20 crore from its existing investor Palred Technologies Limited (PTL), bringing a total investment of Rs 50 crore.

PTL has already raised Rs 9 crore through preferential share allotment to non-promoter investors, Koh Boon Hwee, ex-chairman of Singapore Telecom and Ashish Dhawan- founder Chrys Capital. The board and shareholders of PTL have already approved additional investment of Rs 25 crore into their e-Commerce subsidiaries, the company said.

According to the company, LatestOne is expected to cross the net revenue milestone of Rs 10 crore in this quarter with losses reduced by 60 per cent compared to the previous quarter. This additional funding will help in ramping up of operations to 6,000 orders per day from the present 4,000 orders level and establish its third warehouse in Mumbai, it said.