Yebhi.com, the retail e-commerce website has raised $12 million as bridge round of funding from its existing investors, Fidelity Growth Partners India, Qualcomm Ventures, Nexus Venture Partners and Catamaran Ventures reports TechCircle. Its currently not clear how the company plans to use the funds raised.
Citing sources, the report also states that the company is looking to raise $40 million in a fresh funding round, although Yebhi CEO Manmohan Agarwal has told the publication that it is currently not looking for any additional investment.
Yebhi has so far raised Rs 150 crore apart from the latest bridge round. This includes Rs 100 crore Series C funding from Fidelity Growth Partners India and Qualcomm Incorporated and existing investors like Nexus Venture Partners and Infosys Chairman, Narayana Murthy’s Catamaran Ventures in July 2012, a Rs 40 crore Series B investment from Nexus Venture Partners and Catamaran Ventures in July 2011 and a Rs 10 crore Series A round from Nexus Venture Partners in February 2011.
New Website & Logo: Earlier this week, Yebhi had revamped its website, bringing in an updated Yebhi Live which featured a real-time feed of what users were selecting and buying on Yebhi.com and opting for a new logo for the brand. This is Yebhi’s second website redesign in the last year, after introducing a Pinterest-like website redesign in July 2012. Along with the redesign, Yebhi had also introduced a mobile/DTH recharge option on the site, allowing users to recharge their prepaid mobile number or DTH connections.
In May 2012, Yebhi.com had acquired stylishyou.in, a fashion jewellery e-retail company for an undisclosed amount of cash and equity. While the inventory of stylishyou was merged with Yebhi.com, their founder Shraddha Dadani joined Yebhi.com as the head of jewellery along with their merchandising team which was also absorbed as a part of the acquisition.
It is worth noting that some of Yebhi.com’s competitors like Flipkart and Infibeam have pivoted to become marketplaces due to the FDI regulations in ecommerce. We therefore wonder that Yebhi.com will also pivot to a marketplace model in the future. Yebhi.com was previously known Bigshoebazaar.com. It later re-branded its consumer facing portal and expanded its product offerings to include other lifestyle categories like apparel, shoes, jewellery, bags, among others.
Other e-commerce investments:
Earlier this month, Snapdeal had raised $50 million from eBay and and existing investors Nexus Venture Partners, Bessemer Venture Partners and IndoUS Venture Partners, making eBay a minority stakeholder in the company. Also this month, fashion e-commerce company, Myntra has acquired San Francisco based virtual fitting room startup Fitiquette for an undisclosed amount. In March 2013, Ladyblush, a women centric ecommerce company pivoted to become a marketplace, to eventually raise an undisclosed amount of seed funding from Bangkok based VC Fund, Alpha Founders, and others.
In the same month, HealthKart, an online health care company which pivoted to become a marketplace has also raised $14 million in a Series B funding round from Sequoia Capital and Intel Capital. SkoolShop, an e-commerce site run by Occasion Kommerce Pvt. Ltd., has raised funding in a Series A round from Blume Ventures and other angel investors. Clues Network Pvt Ltd’s e-commerce marketplace ShopClues.com raised Rs 54 crore from Helion Venture Partners, Nexus Partners and Netprice.com.