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B2B marketplace ShoeKonnect raises Rs 3 crore from Naukri.com parent

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InfoEdge India, the parent company of the jobs portal Naukri.com, has invested Rs 3 crore in B2B shoe marketplace ShoeKonnect. With the fresh funding, the Delhi-based startup plans to expand its user base of both buyers and sellers, and improve technology for its product.

ShoeKonnect is run by Bizcrum Infotech, a company that was incorporated in 2015, founded by Siddharth Vij, Chaitanya Rathi and Siddharth Rastogi. The platform plans to bring all stakeholders—manufacturers, wholesalers, retailers and component traders etc—on one platform in order to communicate and buy/sell products. It charges commission on each transaction while handling payments and logistics.

It claims to have nearly 2000 buyers (retailers or distributors) on its platform along with over 200 sellers (brands or manufacturers or stockists). Shoekonnect claims to have a monthly gross merchandise volume upwards of Rs 70 lakh.

In 2016, the B2B marketplace raised its first funding of Rs 95 lakh from Indian Angel Network (IAN).

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B2B space in India

Experts are betting big on B2B e-commerce. According to Mukul Sachan of LendingKart, India’s B2B e-commerce market is six times larger than B2C and is expected to reach $700 billion by 2020. In 2017, lenders estimated 25-30% of their profit to come from this space.

Recently, Amazon launched its B2B selling for Indian exporters under its “Global Selling programme” to reach business customers across its international marketplaces. The programme started as a pilot late last year and has received over 2,000 exporter registration.

There have also been reports suggesting that Paytm Mall was eyeing the B2B sector, in its bid to compete with Flipkart and Amazon.

Another important player in the B2B space in India is Power2SME, which raised $6.2 million in debt funding this month. IndustryBuying.com, another such startup, has raised Rs 87 crores from investors such as Kalaari Capital, Saif Partners and BEENext so far. Some other players in the segment include Bizongo, Tolexo and JustByLive.

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