99Labels.com, a boutique online shopping site has raised Rs 5 crore from Info Edge India, according to a BSE filing. Note that the website is no longer invitation only, and it has a registration link. (Thanks for pointing it out @deepakshenoy)
The filing states that 99Labels has raised this capital through fully convertible cumulative redeemable unsecured debentures, although it is not clear as to where the company plans to use the capital raised. It’s worth noting that Info Edge had stated during its Q1-FY13 conference call that the group was planning to tweak the business model of 99labels, although it had not provided any further details regarding this.
Info Edge Investment: Info Edge had invested a total of Rs 28.5 crore into 99Labels till now. This includes Rs 16 crore in May 2011 and Rs 5 crore in Q4 2011 and the current funding round of Rs 5 crore. InfoEdge has 24.41% equity stake in 99Labels as of March 31, 2012. Info Edge has 476,666 equity shares of 99Labels, as on 31st March 2012. It has 498,400 preference shares of 99Labels as of March 31, 2012.
Launched in 2010, 99Labels is an
invitation only shopping site which offers merchandise for women, men and kids from luxury brands across various categories like apparel, shoes, accessories, watches, jewellery, fragrance among others. The company claims to offer up to 90% off on branded goods. In conversation with Medianama, 99Label CEO Ishita Swarup had claimed that the company has a member base of around half a million as of May 2011 and it was hosting 140-150 (sales) events a month, registering 600-700 sales a day.
Back then, Swarup had also stated that 99Labels plans to go mobile during the year, although there is not further updates on it.
Other Players: 99Labels competes with Exclusively.in which had pivoted from flash sales model to a regular E-commerce in October 2011, Smile Group’s Fashion And You, ThePrivateSales.com. Besides this, there are the regular online fashion retailers like Myntra.com, Zovi.com, Fetise.com, Smile Interactive’s Freecutlr and the India Today group’s bagittoday.