Zansaar Raises Rs. 30 Crore in Funding
Date: Tuesday , April 03, 2012
Zansaar, a Bangalore based e-shop for home décor products, raises around Rs. 30 crore in funds from Accel Partners and Tiger Global. The funds would be used to meet its working capital requirements, support organic growth, maintain inventory, and to meet marketing expenses. As part of the investment Subrata Mitra, Partner, Accel Partners would be joining the company’s board.
Launched in January 2012, Zansaar is co-founded by Jawad Ayaz and Vinod Chandran, who had previously founded Ecommerce Company 20north.com. The company offers home decoration and utility products across various categories, and an international collection of various products. It also offers free shipping for orders above 500, cash on delivery, gift wrapping, and a 30-day replacement.
Ayaz is also the Director and Chairman of the Board at Applied Mobile and the Managing Director at The Monster Fishing Company. He was the Managing Director, India at NMS Communication. Ayaz has also founded Openera, Xybridge Technologies, and Ind-Telesoft. Prior to which, he was the Manager-GSM Switching Software at Nortel Networks. He pursued his MSEE, Electrical Engineering from The University of Texas, Dallas, and holds a BE in Electronics Engineering from R.V. College of Engineering, Bangalore.
Tiger Global is a privately owned investment manager, which manages hedge and private equity funds. Its invests in the public and private equity markets across the globe, primarily in U.S., China, Southeast Asia, Latin America, and Eastern Europe. Its preferred sectors are in the real estate, telecommunications, energy, media, and retail sectors. Accel Partners typically makes multi-stage investments in the internet technology companies. It has over $6 billion under management and has backed more than 300 companies since its inception.