Cbazaar, an online retailer offering Indian ethnic wear and accessories, has raised $3.5 million in Series A funding from Inventus Capital Partners and Ojas Venture Partners.
Launched in 2005, Cbazaar was bootstrapped by founders Rajesh Nahar and Ritesh Katariya, and this is the first round of institutional funding. As part of the deal, Samir Kumar, managing director of Inventus Advisory Services, and Pavan Krishnamurthy, Partner, Ojas, will join the board of Cbazaar.
Commenting on the fundraising, CEO and co-founder Nahar said, “We launched Cbazaar.com in 2005 for the international market and have recently introduced Cbazaar.in to target the domestic market. Our vision is to be the largest online retailer of ethnic wear (for men, women & kids) and accessories.”
Claiming to witness a year-on-year growth of over 100 per cent, Cbazaar also states that it has more than hundred thousand customers in 54 countries across all continents. It houses more than 15,000 items and adds more than 100 designs a day on an average. Recently, the company has also launched an app for Windows 8 platform.
“The market that Cbazaar addresses is very large, and we’re confident that with this capital infusion, the entrepreneurs will propel the company to a higher level of growth,” said Samir Kumar of Inventus Advisory Services.
“With the infusion of capital, we hope to accelerate the growth trajectory of the company manifold and help it create a valuable business,” commented Krishnamurthy of Ojas.
An early-stage, technology-focused investing firm, Ojas Venture Partners has recently funded Insieve, a Bangalore-based intelligent sharing network. Prior to that, digital radio startup Venturenet Partners Pvt Ltd also secured an undisclosed sum from the investment firm.