Online classifieds company Info Edge (India) Ltd, which runs portals such as Naukri.com, has invested Rs 3 crore ($460,000) in ShoeKonnect for a 20% stake in the online business-to-business (B2B) marketplace for footwear, shows a filing with the BSE.
The funds will be used to start a new line of business.
The funding comes a year and a half after the marketplace, operated by Bizcrum Infotech Pvt. Ltd, had raised an undisclosed sum from Indian Angel Network.
The marketplace, ShoeKonnect, was founded in 2014 by three economics graduates from Delhi University — Siddharth Vij, Chaitanya Rathi and Siddharth Rastogi. While Rathi had earlier co-founded Beghar.in, Rastogi had been a tax analyst at PwC (formerly PricewaterhouseCoopers). Vij’s family runs footwear and apparel manufacturing businesses.
Using a mobile app, ShoeKonnect brings manufacturers, retailers, component suppliers and buyers onto a single platform.
ShoeKonnect, based out of Agra (Uttar Pradesh), a leather products hub, says it facilitates retailers' purchases from the manufacturer, reducing costs and avoiding logistical issues.
Info Edge and its investments
In December 2017, Info Edge invested in Hyderabad-based International Educational Gateway Pvt. Ltd, an education services startup that operates under the Univariety brand.
In November last year, Info Edge increased its stake in Delhi-based lifestyle products company Happily Unmarried Marketing Pvt. Ltd to 47.2%.
In September, it increased its stake in Bengaluru-based online photography startup Canvera Digital Technologies Pvt. Ltd by investing Rs 8.6 crore.
On the financials front, Info Edge posted a net revenue of Rs 228 crore for the third quarter of 2017-18, a 22% increase over a year ago.
For the quarter, net profit grew 13% year after year to Rs 53.35 crore.
Revenue from Info Edge’s recruitment portal Naukri.com grew to Rs 169 crore for the quarter from Rs 140.43 crore a year ago.