Infosys’s Ex-Chairman’s Investment Company Catamaran Ventures lead the series B funding in Bigshoebazaar India, Asia’s only online cash and carry shoe aggregator. The company received $ 9M (INR 40 crore) in total, where Nexus Venture Partners also participated. Catamaran Ventures has acquired a 13% stake in the company for $ 6M INR 26 crore) while Nexus Venture Partners have invested $ 3M (INR 14 crore) for 7% stake. Earlier, Bigshoebazaar had risen $ 2.5M (INR 10 crore) from Nexus Venture Partners, in a deal which was closed late 2010.
The company will utilize the funds to strengthen supply chain and in setting up warehouses to support growth at the front-end, reports Indian Express. This is an interesting development in the E-commerce industry in India.
Other major Venture Capital backed good E-Commerce companies include LetsBuy.com, Flipkart.com, BuyThePrice.com, and Infibeam.com. Flipkart is one of the fastest moving companies in this market and it is also regarded by many as India’s Ebay. With Catamaran coming in and being able to receive good series B investments early enough, BigShoeBazaar can be expected to position strongly in coming days.
Bigshoebazaar operates a hybrid online and offline wholesale cash and carry business, and an e-commerce website, Yebhi.com. The cash and carry venture supplies shoes, apparel and accessories from whole-sellers to smaller retailers via online catalogue
Yebhi.com was previously known as bigshoebazaar.com. The site runs under a license from Bigshoebazaar and sells apparel, shoes, jewelry, bags and other related products. The idea behind renaming seems to make the brand include wide range of things and not limit to Shoe only. The company name, however, has been retained as BigShoeBazaar (meaning Big Shoe Market in Hindi).