Naukri Puts more money in Shoekon­nect

Shoes & Accessories - - The Month That Was -

Info Edge (In­dia) Ltd, the par­ent of job por­tal Naukri.com and real es­tate web­site 99acres.com, has in­vested Rs 3 crore more in on­line busi­nessto-busi­ness footwear mar­ket­place Shoekon­nect.

The fresh in­vest­ment raised Info Edge’s stake in Shoekon­nect to 27.27% from 20%, the on­line clas­si­fieds com­pany said in a stock-ex­change fil­ing. It had bought the 20% stake for Rs 3 crore in April. This in­di­cates the fresh in­fu­sion has come at a higher val­u­a­tion.

Shoekon­nect, run by Bizcrum In­fotech Pvt. Ltd, was founded in 2014 by three eco­nom­ics grad­u­ates from Delhi Univer­sity: Sid­dharth Vij, Chai­tanya Rathi and Sid­dharth Ras­togi. Rathi had ear­lier co-founded Beghar.in, which is now de­funct. Ras­togi had been a tax an­a­lyst at PWC. Vij’s fam­ily runs footwear and ap­parel man­u­fac­tur­ing busi­nesses.

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.

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