Chennai based e-commerce start-up Cbazaar which deals in ethnic wear and accessories has secured a Series A funding of $3.5 million from Inventus Capital Partners and Ojas Venture Partners. The company will be using the raised funds to improve brand position and enhance its technology, customer acquisition for marketing initiatives in India and overseas.
This is company’s first round of institutional funding. Samir Kumar, MD, Inventus Advisory Services and Pavan Krishnamurthy, Partner from Ojas will join the board, as a result of this funding.
Talking about the raised funding, 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.”
Cbazaar offers a wide range of Indian ethnic clothing like Salwar Kameez, Sarees, Designer Kurtis, Lehenga Cholis, Men’s Sherwani and Kurta Pyjama. It boasts more than 15,000 items including an array of jewellery and accessories like Necklace Sets, Earrings, Bracelets etc. to 54 countries across the world including India, United Kingdom, Australia, New Zealand and so on.
Commenting on the investment in the portal, 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.”
Recently, the company has also launched an app for Windows 8 platform which allows users to browse through the apparel categories such as wedding collection, men, women & kids clothing, jewellery and handbags in a Metro UI, enabling users to search and buy products without visiting the company’s portal.
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