Leather & Footwear

Naukri. Com sets its foot in online B2B footwear sector

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Many of us might not be aware of the online classifieds company called Info Edge (India) Ltd but all of us have surely heard of the job seeking website, Naukri.com. Well, Info Edge is the owner of this website and runs portals such as Naukri.com. The latest news is that, Info Edge has invested Rs 3 crore or $460,000 in ShoeKonnect for a stake of 20% in the online business-to-business (B2B) marketplace for the footwear.

The funding for the same investment has come a year and a half after the marketplace, operated by Bizcrum Infotech Pvt. Ltd had come up with an undisclosed sum from Indian Angel Network.

ShoeKonnect was founded in 2014 by three economics graduates from Delhi University namely Siddharth Vij, Chaitanya Rathi and Siddharth Rastogi. While Rathi had earlier co-founded Beghar.in, Rastogi had been a tax analyst at PwC which was formerly known as PricewaterhouseCoopers. It might be noted that Vij’s family runs footwear and apparel manufacturing businesses. ShoeKonnect uses a mobile application to bring all the stake holders, the buyers as well as the sellers including the component sellers on a single platform.

Previously, in December 2017, Info Edge had invested in Hyderabad-based International Educational Gateway Pvt. Ltd, an education services start up that operates under the Univariety brand. In November last year, Info Edge increased its stake in Delhi- based lifestyle products company Happily Unmarried Marketing Pvt. Ltd to 47.2%.

In September, it has further increased its stake in Bengaluru-based online photography start up Canvera Digital Technologies Pvt. Ltd by investing Rs 8.6 crore. Info Edge has been reported to have posted net revenue of Rs 228 crore for the third quarter of 2017-18 which is a 22% increase over a year ago.

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