Naaptol Online Shopping, the India-based operator of a television shopping and e-commerce platform, has raised Rs 1.36bn ($21.5m) in series C funding from investors including conglomerate Mitsui, the Economic Times reported earlier today.
New Enterprise Associates (NEA), Canaan Partners and Silicon Valley Bank (SVB) also contributed funding to the round. Naaptol has not disclosed the valuation at which the money was raised, but its investors now own a majority stake in the company.
Canaan, NEA and SVB provided $25m for Naaptol’s 2011 series B round, after SVB and Canaan had invested a reported $8.5m in a 2010 series A round.
Naaptol currently derives around 85% of its revenue from teleshopping and is looking to increase that figure to 90%. It will use the series C funding to support expansion.
Manu Agarwal, founder and chief executive of Naaptol, said: “We are already in 24/7 format across languages, and in this fiscal, we hope to be the largest home shopping network in India.”