Naaptol raises funds from Mitsui, existing investors

Deal terms, quantun of funding undisclosed, firm to use money to upgrade studio facilities, expand supply chain

Online shopping company Naaptol has raised a new round of equity funding from Japanese company Mitsui & Co. The funding round also saw participation from existing investors New Enterprise Associates (NEA), Canaan Partners and Saama Capital.

Terms of the transaction were not disclosed.

Jefferies India Private Limited acted as sole financial advisor to Naaptol.

Manu Agarwal, founder and CEO, Naaptol said: "Naaptol is at an important juncture in its evolution with a strong presence on television through advertisements on third party channels as well as on 24-hour television shopping channels. We are glad to partner with Mitsui & Co. as we expand our business in our journey to become the largest home shopping network in the country. Our existing investors NEA, Canaan and Saama Capital have also participated in the funding round and continue to demonstrate confidence in our business model. "

"We plan to use the funds raised to upgrade our studio capabilities, expand the supply chain and invest in technology," he said.