Mitsui’s gift to Naaptol? Rs 136 crore in funding
It’s raining investments in the
As per a news report by The Economic Times,
At its Series C or third round of institutional funding last month, existing backers New Enterprise Associates, Canaan Partners and
"We are already in 24/7 format across languages, and in this fiscal, we hope to be the largest home shopping network in India," Manu Agarwal, founder and chief executive of Naaptol told the ET.
While Agarwal did not disclose exact stake sold to Mitsui, dilution is believed to be in single-digit percentage points. Investment bank Jefferies India was the financial adviser in the transaction.
Mitsui owns a sizeable stake in Japanese TV shopping retailer QVC
Naaptol is targeting commission revenue - which is net revenue, not gross - ofRs 530 crore for fiscal 2016, a 54% increase over its 2014-15 revenue, according to the financial daily. "We're not losing a significant amount of money, and expect to get into profitability by the end of this (financial) year," Agarwal said. The company derives about 85% of revenue from television, and expects it to grow to 90% this fiscal.