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NDTV?s e-commerce venture Indianroots.com raises Rs 32 crores

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MUMBAI: NDTV?s e-commerce venture IndianRoots.com has received fresh funding of approximately Rs 32 crore ($5 million) from Jaipur-based KJS Group, which in turn values the firm at Rs 545 crore ($85 million).

The company, which falls under NDTV Ethnic, will use the funds to scale up the portal's logistics and delivery mechanisms, and expand its marketing activity with the aim to be the market leader in Indian fashion in the year ahead.

Launched in mid-2013, Indianroots.com showcases more than 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.

?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,? said NDTV co-chairperson Prannoy Roy.

NDTV Ethnic achieved gross merchandise value (GMV) of Rs 61 crore in the year ending 31 March, 2015, which was a twelvefold jump over the previous year.

Speaking about the company's investment, KJS Group chairman Kamaljeet Singh Ahluwalia and director Karanpal Singh 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. Given 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.?

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