Cbazaar, tapping second round of funding for expansion

After utilising the initial 3.5 million dollars (over Rs 23 crores) funds raised from Ojas Venture Partners and Inventus Capital Partners for technology, brand building and infrastructure upgradation, online shopping portal Cbazaar.com, now

plans to tap a second round of funding, to drive further expansion.

 

The online retail venture launched by Net Avenue Technology is already clocking in 100 percent growth every year. The company now wants to grow further by building its presence globally through various initiatives. As Rajesh Nahar, CEO, Net Avenue Technology explains, “We are planning brand-building activities in the UK, Australia, Mauritius and Malaysia. Cbazaar has a patronage in over 130 countries but the US, UK, Australia and India are our key markets. We are also looking at countries where large Indian communities and south Asians reside.”

Cbazaar plans to tap second round of funding

“We showcase women’s wear, men’s wear and kids’ wear including saris, salwar kameez, lehenga, kurtis, kaftan, tunic, sherwanis, men’s suits, accessories among others. We also showcase popular designers wear and several Bollywood movie inspired collections,” says Nahar, elaborating on the collections stocked on Cbazaar.

The website has three unique in-house brands: RaiR, Bollywood Vogue, and Modni. These offer some of the finest cuts, fabrics and styles. Apart from them, Cbazaar is associated with various brands from India such as Global Desi, W, Aurelia, 18 fire, Newfuschia Women and L Effet. It also has a wide range of designer wear form prominent designers such as Manish Arora, Poonam Bhagat, AM:PM, Nida Mahmood, Abhijeet Khanna, Rajdeep Ranawat, Meera Mahadevia, 5 elements by Radhika Gupta, Sonia Jeetley and Mynah’s by Reynu Tandon.

New initiatives

The company has taken up a number of initiatives to overcome the touch and feel factor such as, giving right description and displaying the actual products. As Nahar explains, “We have also launched a new feature called ‘unique virtual fitting’, which has got three distinct features that include 360 degree view, ramp walk and size calculator. A size calculator provides customers with the best recommended size for their body dimensions and also makes recommendations on whether any tightening or loosening is required for a particular product.”

With over 3,000 new designs available every week basis, the company undertakes several promotional activities outside India, especially in the US where it conducts a clothing exhibition named ‘Cbazaar StyleBash’. “We were the first to introduce customization online and the only e-store to officially launch Bollywood and TV stars inspired collection,” Nahar says.
“Ritesh and I started the business in 1998 with seed capital of Rs 12 lakh, launching Chennaibazaar.com and tried our luck at e-commerce. This was a time when e-commerce was yet to take off in India, prompting us to look at non resident Indian community as Indians there were adapted to e-commerce and ready to transact online. We enabled overseas Indians to send gifts to their friends and relatives residing in India,” Nahar adds.

The company forayed in the domestic market in 2011, to tap the potential for ethnic apparel and accessories among affluent Indians. It successfully tackled the challenges like getting the right team on board, supply chain management and technology, to reach where it is today.