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NaapTol raises Rs 33 crore in Series-A funding from Canaan Partners

Mumbai-based comparison shopping portal NaapTol.com has closed Series-A round of venture capital funding from Canaan Partners. The deal size was not disclosed but according to financial advisory firm Centrum Capital, which had advised on the deal, Canaan has invested Rs 33 crore in NaapTol which includes acquisition of shares held by Bennett Coleman (The Times of India group).

Mumbai-based comparison shopping portal NaapTol.com has closed Series-A round of venture capital funding from Canaan Partners. The deal size was not disclosed but according to financial advisory firm Centrum Capital, which had advised on the deal, Canaan has invested Rs 33 crore in NaapTol which includes acquisition of shares held by Bennett Coleman (The Times of India group).

NaapTol plans to use the fund to enter into TV shopping and expand its logistics footprint. According to Canaan Partners, NaapTol is already present in the home shopping space and offers services over multiple touch points including print, TV and internet. Launched in January 2008, NaapTol currently claims to have a pan India reach of over 200 million households and facilitate fulfilment and delivery through its nationwide logistics tie-ups.

Manu Agarwal, CEO, NaapTol, has said, “NaapTol is a platform that brings together buyers, sellers as well as media companies to facilitate shopping from home. We are delighted to work with a leading venture fund like Canaan Partners and the capital raised will be applied directly to enhancing our capabilities and expanding into multiple media formats.”

Alok Mittal, managing director, Canaan Partners India, has added, “Building a leading home shopping platform requires capital in the range of Rs 150 crore and Canaan Partners will contribute a significant piece of this. This is our first investment in the home shopping space in India, and we are looking forward to the difference NaapTol is set to make.”

The home shopping space in India is expected to grow rapidly driven by several factors including a growing middle class that is increasingly demanding more lifestyle products, lack of significant choice in retail beyond the top cities, and the convenience of shopping from home. With TV penetration as high as 125 million households and internet users approaching close to 100 million, home shopping is expected to take significant share of the retail shopping market.

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