The parent job portal of Naukri.com and real estate website 99acres.com called Info Edge (India) Ltd has invested an amount of Rs 3 crore ($422,000) more in online business-to-business footwear marketplace ShoeKonnect.
This particular investment raised Info Edge’s stake in ShoeKonnect to 27.27% from 20% as stated by the company. This indicates the fresh infusion has come at a higher valuation.
ShoeKonnect is a brand run by Bizcrum Infotech which was founded in 2014 by three economics graduates from Delhi University named Siddharth Vij, Chaitanya Rathi and Siddharth Rastogi.
Talking about the funding, the startup raised an undisclosed amount from the Indian Angel Network in 2016. It posted revenue of Rs 37 lakh for the financial year ended March 2018.
ShoeKonnect brings manufacturers, retailers, component suppliers and buyers onto a single platform. The company is based in Agra, a leather products hub in Uttar Pradesh. It says it facilitates retailers’ purchases from the manufacturer, reducing costs and avoiding logistical issues.
On the other hand, Info Edge is an active investor in startups. Its most well-known portfolio companies are food-tech company Zomato and online insurance selling platform PolicyBazaar.
It was in August that the company invested Rs 2.64 crore in medical healthcare records platform MedCords. In July, it invested Rs 20 crore in retail printing chain Printo for a 23.5% stake.
In the same month, it invested Rs 3 crore in ZippServ, an online platform that provides risk-assessment services for real estate investments. With this investment, both the companies are going to gain benefits and grow more and more.