B2B marketplace platform for global footwear industry ShoeKonnect has raised Rs 3 crore from Naukri.com– run by Info Edge, a Noida-headquartered company which also runs Internet properties such as Shiksha, 99acres and Jeevansathi and others.
The Delhi-based startup will use the fresh infusion to ramp up its technology and expand operations.
Founded in 2015 by Siddharth Vij, Chaitanya Rathi, and Siddharth Rastogi, ShoeKonnect is essentially a marketplace which connects organized as well as unorganized manufacturers with retail stores via its mobile and web apps.
Currently, ShoeKonnect claims to have 2,000 plus buyers and 200 plus sellers on its platform with a monthly gross merchandise volume (GMV) of more than Rs 70 lakh.
The company aims to reach Rs 10 crore as far as monthly GMV is concerned, reports ET.
Earlier in October 2016, the startup had raised undisclosed amount (some media reports says Rs 95 lakh) in a seed round from Indian Angel Network.
Nearly, 30,000 plus manufactures and whole-sellers are located in cities like Agra, Kanpur, Mumbai, Chennai, Kerala, Jaipur, Punjab, and NCR. There are 4000 plus registered shoe brands and nearly six lakh shoe retailers spread across India.
With the fresh funds, ShoeKonnect aims to cater the partially penetrated market.
Info Edge that controls Naukri.com is a public listed company which also has emerged as a prolific early stage investor in many startups including Zomato, Meritnation, Policybazaar, mydala, Happilyunmarried, Canvera, among others.
During the last financing round of Zomato, one of its largest stakeholder Info Edge had diluted $50 million worth equity in the Gurugram-based food tech unicorn
Previously, Info Edge had participated in bridge rounds of its portfolio companies. It invested Rs 8 crore in On-demand beauty service provider BigStylist while the group infused Rs 8.6 crore in its subsidiary company Canvera.
It also picked up 28 per cent stake in Delhi-based edtech startup NoPaperForms for about Rs 5.66 crore.