Tuesday, March 14, 2017

LatestOne.com has raised $3.3 mn funding from various investors

Hyderabad-based Palred Technologies Ltd which runs LatestOne.com has raised about Rs 22 crore ($3.34 million) from various investors. The new investors are Mathew Cyriac, former co-head of Blackstone India Private Equity Business; Chidambaram Palaniappan, founder of Florintree Advisors; K. Madhavan, joint managing director of Star TV India; Bharat Sheth, managing director of Great Eastern Shipping.

The company will use the investment to meet growth capital requirements for its subsidiary LatestOne.Com. The company also plans to use the funds to create additional fulfillment centres, brand building, inventory, building B2B channels and to further develop the managed marketplace, Palem Srikanth Reddy, chairman of Palred Technologies said in the press note.

Also see: Hrithik Roshan to invest more in startups

LatestOne.com sells tech accessories such as cables, cases, chargers, power banks and headsets, claims to stock over 10,000 different products in its inventory and operates through its own fulfillment centres in Delhi and Mumbai.
The platform does over 5,000 orders a day and its average order value is Rs 500.


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