NDTV Ethnic Retail Ltd, a subsidiary of the NDTV Ltd, which operates the group’s maiden e-commerce venture IndianRoots.com, has concluded a fresh round of funding on Wednesday of US$ 5 million at valuation of US$ 85 million.
Dr Prannoy Roy, Co-Chairperson NDTV, said, “We have always envisioned IndianRoots.com as the leading ecommerce player in its segment. With the fresh investment in the business and the complete backing of the NDTV Group, IndianRoots will be able to push harder in achieving its plans for the year. We look forward to our partnership with the KJS Group in strengthening the IndianRoots venture.”
IndianRoots.com was launched in mid-2013 and showcases over 100 designers and over 700 brands on its curated online marketplace. It has a worldwide customer base with India and USA being the largest markets.
Speaking about their investment, Kamaljeet Singh Ahluwalia, Chairman, KJS Group and Karanpal Singh, Director, KJS Group said, “Given our interest in the e-commerce sector, partnering with a respected and credible organisation such as NDTV was the obvious choice for us. The clear positioning of IndianRoots and its achievements in the Indian fashion domain, we are confident that the business has a great growth story ahead.”
Last month, NDTV Ethnic Retail (IndianRoots.com) won the e-Retailer of the Year award (Pure Play) at the prestigious Indian Retail and Indian eRetail Awards 2015, organised by Franchise India and FICCI.
In 2014, IndianRoots.com received further recognition with the award for the ‘Emerging Concept of the Year’ at the 9th Star Retailer Awards 2014 for Excellence in Retailing.