Diversified conglomerate Mitsui & Co has paid Rs 3.43bn ($51.5m) to increase its stake in India-based e-commerce platform Naaptol from 5% to 20%, Business Standard reported on Tuesday.
Founded in 2008, Naaptol claims to the largest comparison-based e-commerce portal in India, connecting users to sellers to a widely diverse range of products from home appliances and consumer goods to vehicles.
Naaptol has now raised $106m altogether, according to venture capital database CrunchBase. Mitsui previously invested in the company’s $21.5m series C round in March this year, alongside its other investors, New Enterprise Associates, Canaan Partners and Silicon Valley Bank.
Manu Agarwal, Naaptol’s founder and CEO, said: “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.”