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Naaptol raises Rs 343 crore from Mitsui, plans regional TV expansion
MUMBAI: Multi-channel home shopping company Naaptol Online Shopping, which has presence across leading channels of television, internet, print and mobile, has raised Rs 343 crore (Rs 3.43 billion) in a new round of equity funding from Japanese conglomerate Mitsui & Co.
With the latest round of funding, Mitsui’s stake in Naaptol has increased to 20 per cent from 5 per cent. In April, Mitsui had invested Rs 136 crore (Rs 1.36 billion) in the home shopping company.
Naaptol asserted that the deal underlines the intensity of Naaptol’s imminent growth in the home shopping industry.
Naaptol founder and CEO Manu Agarwal said that the company intends to use the funds for expanding its reach and building up an efficient supply chain. The company will also upgrade its studio capabilities to churn out more and more content in multiple languages every day and invest in technology.
“We are at an inflection point where transformational use of technology and expertise will define our future. This fund raise comes at an exciting time for us,” Agarwal stated.
Agarwal has told The Economic Times that the company will expand its fleet of regional channels. “All regional languages will now have separate themes and focus. We will also expand to Marathi, Gujarati and Bhojpuri languages,” he said.
Naaptol owns and operates TV channels in five languages including Hindi, Tamil, Kannada and Malayalam. It had also launched a high-definition (HD) channel recently. It claims to reach 160 million TV households in India on a daily basis.
The company plays over 350 hours of commercials every day in multiple languages. It facilitates sales of a gamut of products from a wide range of categories like electronics, apparel, jewellery to home and lifestyle products.
Recently, Providence-backed Shop CJ Network had launched a Telugu home shopping network Shop CJ Telugu. It intends to launch three more regional channels in Tamil, Telugu and Malayalam before moving to other markets. Currently, it runs Shop CJ in Hindi.
Raj Kundra and Akshay Kumar promoted Best Deal TV had launched a Tamil home shopping channel Big Deal TV with Tamil superstar Vikram.