After investing in Flipkart last month, two of the most prominent venture capital private equity investors Accel Partners & Tiger Global have invested $6 Million in home decor ecommerce portal Zansaar.com. The Bangalore based online shopping portal will use the funds to meet its working capital requirements and support organic growth, planned for the coming months.
Subrata Mitra of Accel Partners will be joining the company as a board member as a result of the deal. Elaborating about the investment Mitra said, “We think very highly of the Zansaar team and are confident that they are well aligned to execute on a rather complex category. We expect very healthy growth and are proud and confident to associate and assist in Zansaar.com’s growth."
Launched in January 2012, Zansaar offers a wide range of home decor and products ranging from bed linen, kitchen cutlery to outdoor décor for garden. Co-founded by Jawad Ayaz and Vinod Chandran, the e-commerce portal also offers an international collection of products such as wine glass set, teapot, bowls and others.`
Currently, Zansaar has a working staff of 55 members but the number is soon going to expand as the company is just a month old. Talking about facing competition from fellow e-commerce startups Ayaz said, “We don’t know what the competition has to offer. But we will differentiate ourselves by offering a comprehensive range of products sourced from all over the world and not just from India”.
Recently, Accel invested $5mn in an online jewellery product, Blue Stone while Tiger Global invested $21 million in Myntra.
April 22, 2013, 5:55 am UTC
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