Weeks after it raised $5 million from Astro Malaysia, IndianRoots.com said it is in the process of opening omni retail channels globally, in order to tap the Indian diaspora as well as international consumers.
IndianRoots is the e-commerce subsidiary of NDTV, the television channel. The company added that it is scouting for franchisees. “We are looking to open stores in Chicago, California and the United Kingdom to popularise Indian crafts and heritage abroad. This will be in addition to the online platform we operate,” Rahul Narvekar, CEO, IndianRoots told BusinessLine .
Narvekar said the company was exploring the omni-channel route to give consumers a ‘touch-and-feel’ experience. “There is a huge demand for ethnic Indian products in Malaysia, Pakistan and other South-East Asian nations,” he said. IndianRoots had raised its second round of funding from Astro Malaysia. The company had previously raised $3 million from NDTV Lifestyle Holdings Pvt Ltd, in which Astro holds a 49 per cent stake. It bought the stake for $40 million. Narvekar said that the average selling price for its craft-inspired series stood at ₹10,000. “In India, there is a demand for craft-led creations even in tier 2 and 3 cities,” Narvekar said, adding that the company had sold a single heirloom piece valued at ₹19 lakh.
IndiaRoots is a curated marketplace that houses premium ethnic wear brands and designerwear like Sabyasachi, Raw Mangoes, Anita Dongre, Neeta Lulla, Indian Artizans and Karigari.
Narvekar said the domestic market accounts for over 30 per cent traffic. “Our focus is mainly on the international market, as we do not offer cash on delivery (COD). In India, COD is a major component of e-commerce success,” he said.