Multicategory retailer Nomorerack obtained USD40 million in its recent Series B financing round. The funding round was led by Oak Investment Partners and HTV Industries. The investment was received less than a year after it had completed its USD12 million Series A funding round.
According to the company, the investment received from the funding round would go towards customer acquisition. The company also intended to use the fund to develop its top categories that include home and lifestyle, jewelry, apparel and electronics.
Nomorerack chief executive Deepak Agarwal said, "At the end of the day, when we advertise on [sites like] MSN, the broader we are, the more appealing we are."
Nomorerack saw its revenue increasing in the recent years. It earned USD9 million in 2011 and USD100 million last year. Agarwal said that the retailer was on track to earn USD300 million in revenues.
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