NDTV’s gadget e-commerce venture Gadgets 360 recently got a huge boost from PayTM parent One97 Communications — as the organization has decided to invest in it, at a speculated valuation of over $50 Million.
News of the investment reached via a stock market disclosure. And even though the size remains unknown according to NDTV, it was raised at a company valuation of nearly $50 million. The windfall, comes in addition to an undisclosed amount that was raised by NDTV earlier, through investors like Inflexionpoint, Sixth Sense Ventures, Genpact founder Pramod Bhasin, Unilever’s Vindi Banga and M&S Partners director Hior Mashita, among others.
Gadgets 360 is one of NDTV’s more recent forays into the tech market and as per the company, will provide a curated market for mobile phones and other electronic gadgets that will be characterized by a one week sale exclusivity window for each of its products. The app is still in the making and is being developed on top of NDTV’s gadget news site NDTV Gadgets that has over 20 million unique monthly visitors. That’s one huge pool of potential customers once the app launches the next month.
Speaking on the investment, Vijay Shekhar Sharma, Founder, One97 Communications, expressed his Company’s desire to partner with NDTV in order to create a
compelling marketplace experience that marries content, curation and commerce
The Gadget start-up has Bhawna Agarwal at its helm, who was recently appointed as CEO of the company. NDTV certainly seems to have given a lot of thought in choosing a suitable character for leading Gadgets 360, and with over 16 years experience in leading startups such as Yatra, Luxury Retail Services and Seventymm, Bhawna does seem to be the right choice.
Gadgets 360 forms part of a group of new initiatives NDTV has lined up for release that also include an upcoming food-related e-commerce venture SmartCooky and the up and running online ethnic apparel store Indianroots, that managed to raise a $5 million investment at an impressive $85 million valuation from KJS Group in May.