Chennai-based Cbazaar, fashion portal, has raised Series A funding of $3.5 million from Inventus Capital Partners, an US-India venture capital firm and Ojas Venture Partners, an early-stage technology-based investing firm. As part of this financing round, Samir Kumar, managing director, Inventus Advisory Services and Pavan Krishnamurthy, Partner from Ojas will join the board of Cbazaar.
The portal houses one of the largest ranges of Indian couture on a single platform with more than 15,000 items, and on an average adds over 100 designs every day.
Recently, Cbazaar launched its application on the Windows platform, being the first and only ecommerce app to make it to the Windows 8 store. This powerhouse of fashion offers a unique shopping experience to its customers, including customisation in terms of design and measurement.
Commenting on the fund-raising, Rajesh Nahar, CEO & Co-Founder, Cbazaar said, we have launched Cbazaar.com in 2005 for the international market and recently launched Cbazaar.for the Indian market. This investment will enable Cbazaar to establish a brand position and capitalise on the rapidly-emerging opportunities in the online domain.
Ritesh Katariya, COO & Co-Founder, Cbazaar, added, the company had built a strong supply chain structure with hundreds of vendors across the country along with fabrics and designs from every region in India.
Samir Kumar, MD, Inventus Advisory Services, added the market that Cbazaar addresses is very large, and we’re confident that with this infusion of capital, the entrepreneurs will propel the company to an even higher level of growth.”
Cbazaar.com was launched in 2005, completely on bootstrapped funds with an initial capital of Rs 12 lakh.
At present Cbazaar services customers from across the world with shoppers from more than 54 countries transacting with Cbazaar on regular basis.
The company has been witnessing a year-on-year growth of over 100 per cent. This investment will enable Cbazaar to establish a unique brand position and capitalise on the rapidly emerging opportunities in the online domain, said Nahar.