Online cash and carry shoe aggregator, Bigshoebazaar India, has raised Rs 40 crore in a Series-B funding round, with participation from Nexus Venture Partners and Catamaran Ventures, an investment company backed by Infosys Chairman, NR Narayana Murthy, reports Indian Express. While Catamaran has acquired a 13% stake in the company for Rs. 26 crore, Nexus Venture Partners have invested Rs. 14 crore for a 7% stake. The company intends to utilize the funds to strengthen supply chain and in setting up warehouses to support growth at the front-end.
Previously, Bigshoebazaar had raised Rs 10 crore from Nexus Venture Partners, in a deal which was closed late 2010. At the time of announcing the previous funding, it had indicated that it was in talks with investors for another funding round. Bigshoebazaar operates a hybrid online and offline wholesale cash and carry business, and an e-commerce website, Yebhi.com. Its cash and carry venture supplies shoes, apparel and accessories from whole-sellers to smaller retailers via an online catalogue. It also has a sales team to transact offline with retailers and runs a parallel franchisee business, through which it has franchisee stores in tie-ups with small retailers under its own brand name.
Its e-commerce venture Yebhi.com was previously known as bigshoebazaar.com. The site runs under a licensing agreement with Bigshoebazaar and sells apparel, shoes, jewellery, bags and other related products. It competes with e-commerce ventures such as LetsBuy.com, Flipkart, BuyThePrice, and Infibeam.com, among others.