Naukri Puts more money in Shoekonnect
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.