new delhi naaptol online shopping which owns and operates tv shopping and ecommerce platform naaptolcom has raised rs 136 crore from japanese conglomerate mitsui co the latest example of global investors continuing to back indian online retailers existing backers new enterprise associates canaan partners and silicon valley bank also participated in naaptols series c or third round of institutional funding which closed last month the mumbaiheadquartered firm will use the money for expansion we are already in 247 format across languages and in this fiscal we hope to be the largest home shopping network in india said manu agarwal founder and chief executive of naaptol while agarwal did not disclose exact stake sold to mitsui dilution is believed to be in singledigit percentage points investment bank jefferies india was the financial adviser in the transaction mitsui owns a sizeable stake in japanese tv shopping retailer qvc japan as well as home shopping networks in china and japan naaptol competes with relianceowned homeshop18 the countrys largest tv shopping firm as well as with tvc skyshop and starcj automation of our supply chain is also right on top of our agenda we will be focusing on doing more creatives across more products said agarwal naaptol is targeting commission revenue which is net revenue not gross ofrs 530 crore for fiscal 2016 a 54 increase over its 201415 revenue were 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 which it expects to grow to 90 this fiscal indian home shopping grew by 6 in 2013 to rs 1210 crore last year according to market research firm euromonitor in june last year global private equity firm providence received approvals from the foreign investment promotion board fipb the regulatory agency mandated to clear foreign direct investments in the country to buy out star groups 50 stake in home shopping network starcj for an estimatedrs 300 crore prior to the latest round of funding naaptol had raised 385 million from its existing investors institutional investors now hold a majority stake in the sevenyearold company which sells a variety of products including apparel consumer electronics home furnishings and kitchen appliances et bureau published on apr 28 2015 at 0821 am ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of 2m industry professionals subscribe to our newsletter to get latest insights analysis download etretail app get realtime updates save your favourite articles scan to download app finance raise funds mitsui co manu agarwal naaptol homenewsnaaptol online shopping raises rs 136 crore