Online cash and carry shoe aggregator, Bigshoebazaar India, has raised Rs 10 crore from Nexus Venture Partners in a deal which was closed late 2010, VCCircle.com reports. Further, the company is in talks with more investors for another round of funding. Bigshoebazaar operates a hybrid online and offline wholesale cash and carry business, and an e-commerce website, Yebhi.com. Bigshoebazaar was founded by Nitin Agarwal, founder of Brainvisa Technologies (Sequoia backed firm acquired by Indecomm) and former Vishal Retail Corporate Affairs CEO Manmohan Agarwal. Other founders include Danish Ahmed and Rajul Jain, ex-Vice President of Indiabulls Real Estate.
– Whole-Sale Cash and Carry Business
The cash and carry venture supplies shoes, apparel and accessories from whole-sellers to smaller retailers via an online catalogue. The company stocks products from more than 90 brands including Lotto, Woodland, Puma, Liberty and Bata. It also has a sales team to transact offline with retailers and runs a parallel franchisee business, through which it has 13 franchisee stores in tie-ups with small retailers under its own brand name.
– E-commerce Venture
Bigshoebazaar’s e-commerce site, Yebhi.com, was formerly known as bigshoebazaar.com. The site runs under a licensing agreement with Bigshoebazaar and sells apparel, shoes, jewellery, bags and other related products. The site offers free shipping and cash on delivery in addition to a 30 day return policy.
Competing with Yebhi.com, are businesses like LetsBuy.com, which recently raised $6 million from Helion, Accel and Tiger Global, Flipkart, which raised $8-10 million from Tiger Global, Angel Investor backed BuyThePrice, unfunded-but-looking-for-funds Infibeam.com, Future Group and KPCB-Sherpalo backed FutureBazaar.com, as well as incumbents like IndiaPlaza, Rediff Shopping, Sify Mall, Indiatimes Shopping.
Nexus Venture Partners‘ recent investments include Komli Media and Jasper (SnapDeal). It has also launched its seed stage funding program called “Nexus Seed” to fund high potential entrepreneurs who are building Technology and Internet companies. Through the program, Nexus will invest Rs. 20 lakhs to 2 crores each in up to 50 companies over the next 5 years.
– Snapdeal Raises $12M Funding; Launches BabyBox,MoneySaver Prime, Plans Acquisitions
– ECommerce Portal BuyThePrice.com Raises Funding From A Clutch Of Angel Investors
– LetsBuy.com Raises $6 million From Helion, Accel & Tiger Global
– Flipkart Raises $8-10M In Funding From Tiger Global: Report