Online cash and carry shoe aggregator, Bigshoebazaar India, which operates a hybrid online and offline wholesale cash and carry business, and an e-commerce website, Yebhi.com, has raised Rs 100 crores in Series C funding from Fidelity Growth Partners India and Qualcomm Incorporated and existing investors like Nexus Venture Partners and Catamaran Ventures.
The company plans to use the funds raised to strengthen their fulfilment centre, logistics network and improve their supply chain efficiency, as indicated by Manmohan Agarwal, CEO of the company .
Founded in 2009, Yebhi.com was previously known as bigshoebazaar.com. It later re-branded its consumer facing portal and expanded its product offerings to include lifestyle categories like apparel, shoes, jewellery, bags and other related products. Yebhi.com claims to offer products from more than 150 brands including prominent ones like Puma, Reebok, Rockport, Woodland and Karigari among others, and claims to receive 3,00,000 daily visitors.
Funding: Bigshoebazaar had raised Rs 50 crores till now excluding the current investment. In February 2011, it had raised Rs 10 crore in its first round of funding from Nexus Venture Partners followed by Rs 40 crore Series B funding from Nexus Venture Partners and Catamaran Ventures, an investment company backed by Infosys Chairman, NR Narayana Murthy in July 2011. While Catamaran had invested Rs 26 crore for a 13% stake in the company, Nexus Venture Partners had invested Rs 14 crore for a 7% stake.
In May 2012, Yebhi had acquired a fashion jewellery e-retail company stylishyou.in in a cash & equity deal, although the financial terms of the acquisition were not disclosed. Through this acquisition, Yebhi acquired the merchandising team of Stylishyou.in and had integrated the site’s inventory which includes designer and branded jewellery to Yebhi.com. Founder Shraddha Dadani had joined Yebhi as Head of Jewelry.
Yebhi.com currently competes with Flipkart, BuyThePrice, and Infibeam.com through its electronics offerings and competes with other fashion e-commerce portals like Myntra.com, Fashionara.com, Zovi.com, Ambarish Murthy’s Pepperfry.com, and Smile Interactive’s Freecultr through its lifestyle offerings.