Channai based Cbazaar, an Indian ethnic wear and accessories eCommerce outfit has raised Series A funding of US $3.5 million from Inventus Capital Partners a US-India venture capital and Ojas Venture Partners, an early-stage technology based investing firm.
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%. This investment will enable Cbazaar to establish a unique brand position and capitalize on the rapidly emerging opportunities in the online domain.
This fashion 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 more than 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 customization in terms of design and measurement. As part of this financing round, Samir Kumar, MD, Inventus Advisory Services and Pavan Krishnamurthy, Partner from Ojas will join aboard.
Commenting on the fund raising Mr. Rajesh Nahar CEO & Co-Founder Cbazaar said, “We launched Cbazaar.com in 2005 for the international market and have recently launched Cbazaar.in for the Indian market. Our vision is to be the largest online retailer of men’s, women’s, & kid’s ethnic wear and accessories.”
Commenting on this investment, Mr. Samir Kumar, MD, Inventus Advisory Services said, “We saw two passionate and experienced Internet entrepreneurs in Rajesh and Ritesh, the founders of Cbazaar, who had built a large, global customer base while running a very capital-efficient business. 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.”
Mr. Pavan Krishnamurthy, Partner, Ojas Venture Partners commented, “Rajesh and Ritesh, founders of the company have done a great job of building an e-commerce company with global customer footprints across 54 countries completely on bootstrapped funds and great product selection for customers. With the infusion of capital, we hope to accelerate the growth trajectory of the Company manifold and help the company to create a valuable business.”
Check out the site here.