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Title:Naaptol raises Rs 343 crore from Mitsui

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BENGALURU: Home shopping company Naaptol has raised Rs 343 crore in a new round of funding from Japanese conglomerate Mitsui & Co. This is in addition to Rs 136 crore that the company raised in April.

The latest financing increases Mitsui & Co's stake in Naaptol from 5% to 20%. The deal underlines the intensity of Naaptol's imminent growth in the home shopping sector, the company said in a statement.

Manu Agarwal, founder and CEO of Naaptol, said, "The company intends to use the funds for expanding its reach and building up an efficient supply chain. We would also upgrade our studio capabilities to churn out more and more content in multiple languages every day and invest in technology."

Naaptol says it has a daily reach of 160 million TV households in India. The company says it plays over 350 hours of commercials every day in multiple languages. It sells a wide range of categories including electronics, apparel, jewellery and home and lifestyle products.

Naaptol competes with Reliance-owned HomeShop 18, Star CJ and TVC Skyshop.



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