Chennai based online Indian ethnic wear store CBazaar.in has received funding of Rs 30 crore – Rs 50 crore from private equity firm Forum Synergies and other investor in its second round of funding.
Existing investors Inventus Capital and Ojas Venture Partners also participated in this second round of funding.
As per sources, this round of funding valued Cbazaar at about Rs 150 crore. Cbazaar claims to be largest online Indian Ethnic Wear Store. Cbazaar offers a myriad of Indian Ethnic Wear for men, women and kids and has patronage in over 130 countries.
CBazaar will use this funding to scale up its operations, to hire talent, improve technology and expand in markets such as the US, the UK, Canada, South Africa and the Middle East. CBazaar is expecting revenue of about Rs 60 crore this year.
In 1998, CBazaar was launched as Chennaibazaar.com by Rajesh Nahar and Ritesh Katariya and it was year 2005 when Chennaibazaar.com was rechristened as ‘Cbazaar.com’. Cbazaar launched 5 different e-stores to facilitate shopping in local currency. In 2007, CBazaar acquired Homeindia.com a traditional bridal wear specialist. In 2012, Cbazaar became the first e-commerce app to be featured on Windows 8 Store.
In May 2012, Cbazaar had raised Series A funding of $3.5 million from Inventus Capital Partners and Ojas Venture Partners. The company was bootstrapped with Rs 12 lakh from friends and family and operating in India since 1998.
Forum Synergies is a Bangalore-based private equity fund manager which has companies like JustEat.in, an online food delivery portal and Noida-based Attero, India’s largest e-waste management company and NASA recognized technology innovator.
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