Mitsui commits $52m to India's Naaptol
Mitsui & Co. Global Investment, the VC arm of Japanese conglomerate Mitsui, has invested another INR3.4 billion ($52 million) in Indian TV shopping and e-commerce platform Naaptol.
Mitsui's latest investment raises its stake in the company from 5% to 20%. Naaptol will use the capital to expand its viewer base and improve the efficiency of its supply chain and technology, along with improving its studio facilities to produce more content.
Naaptol was founded in 2008 and claims to reach 160 million households in India through its TV channel, processing more than 20,000 orders per day. The company also operates online and print sales channels.
"We are at an inflection point where transformational use of technology and expertise will define our future. This fund raise comes at an exciting time for us," said Naaptol CEO and co-founder Manu Agarwal.
Mitsui led a INR1.4 billion round for Naaptol earlier this year, with participation from existing investors New Enterprise Associates, Canaan Partners and Saama Capital. The firm has interests in TV sales platforms across Asia, including QVC Japan, and invested in US-based mobile ad platform 4INFO in 2011.
Mitsui invests across a range of sectors, including communication, software, science and medicine. Notable commitments this year include the purchase of a 44% stake in the Myanmar business of gas power plant developer Maxpower Group, and a $5.1 million investment with Founders Fund in Tokyo-based genetic testing start-up Genesis Healthcare.
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