Cbazaar, an online Indian ethnic wear store, has raised funds of Rs 30 crore – Rs 50 crore in the series B round of funding led by private equity firm Forum Synergies. Existing investors Inventus Capital and Ojas Venture Partners also participated in this round.
Cbazaar will use the funds to hire talent, improve technology, and expand in markets such as the US, the UK, Canada, South Africa, and the Middle East.
Chennai-based Cbazaar was founded in 2005 by Rajesh Nahar and Ritesh Katariya. It makes custom-designed ethnic clothing for the Indian diaspora based on the measurement provided and has patronage in over 130 countries.
Hemchandra Javeri, Co-founder and MD, Forum Synergies, will join the Board of Cbazaar.
“In future, a customer would need to just click a picture with a phone and send it to us for customization,” said Nahar.
“The e-commerce model we saw was focused on discounts, losses, and promotions. We don’t believe those models can be sustainable, Cbazaar model is financially viable and profitable,” said Hemchandra Javeri, as reported in ET.
Earlier, Cbazaar had raised $3.5 million in Series A funding from Inventus Capital Partners and Ojas Venture Partners in 2012.