Niraj Shah co-founded CSN Stores raises $165 Million
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Niraj Shah co-founded CSN Stores raises $165 Million
Santa Clara: Boston-based CSN Stores, an online retailer, has raised $165 million in first round of VC funding from Battery Ventures, Great Hill Partners, HarbourVest Partners and Spark Capital. The valuation details were not provided by the company, reports WSJ. The company bootstrapped to over $380 million in 2010 revenue. The fund will be used to focus on a new brand, Wayfair, which will bring together its many disparate e-commerce sites-which include home furnishings-focused properties ranging from theheadboardstore.com to homethreterseatingonline.com. The company is currently named after the initials of the co-founders of the company, Steve Conine and Niraj Shah. They also plans to use the funds to acquire other Internet companies, specializing in categories that would benefit CSN. The company was founded in 2002, they currently owns more than 200 websites that sell home goods such as cookware, furniture, strollers and luggage. The company has more than 750 employees and plans to have over 1, 000 by the end of this year. Niraj Shah is the CEO and Steve Connie is the Chairman of the company. As the company gets bigger, its competitors could be a huge retailer like Walmart, Target, JCPenney, Macy's and Sears, as well as some niche stores selling home goods. In two years since its inception, the company added three more web-based stores. In its third year, they added nine more stores. Currently, CSN Stores are more than $200 million company and is comprised of more than 200 different shopping sites under the overall csnstores.com umbrella, which includes Luggage.com, AllModern.com, WritingDesksAndMore.com. Cookware.com and BedroomFurniture.com.

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