 "Manu Agarwal, founder and chief executive, Naaptol")
Naaptol, a home shopping company, announced on Tuesday that it had raised Rs 343 crore in a new round of equity funding from Japanese conglomerate Mitsui & Co. This is in addition to Rs 136 crore, which the company raised earlier in April. This latest financing will increase Mitsui & Co's stake in Naaptol from 5% to 20%.
"We intend to use the funds for expanding its reach and building an efficient supply chain. We would also upgrade our studio capabilities to churn out more content in multiple languages," said Manu Agarwal, founder and CEO.
The 7-year-old company plays over 350 hours of commercials every day in multiple languages. It facilitates sales of electronics, apparel, jewellery, home and lifestyle products.
