You're reading it here first: Info Edge has invested Rs 16 crore ($3.5 million) in 99Labels.com, an invitation-only boutique shopping site founded by Ishita Swarup and Anchal Jain. 99Labels competes with Fashion and You and Exclusively.in, among others. Speaking with MediaNama, Info Edge CFO Ambareesh Raghuvanshi said that the Rs 16 crore amount is a mix of primary and secondary investment, since they are buying out some angel investors, and 80% of the total amount goes into the company. Some angels are staying on. Raghuvanshi believes that the e-commerce category in India is taking off - this is their second such investment after investing $2 million in group buying site MyDala. "This business, more than any other business, depends on the kind of goods. if you have high quality goods which are attractive, they will sell. The differentiation will be…
