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B2B footwear marketplace ShoeKonnect gets funding from Naukri parent

B2B footwear marketplace ShoeKonnect gets funding from Naukri parent
Photo Credit: Thinkstock
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Online classifieds company Info Edge (India) Ltd, which runs sites 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.

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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 retailer’s purchase from the manufacturer, reducing costs and avoiding logistical issues.

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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.

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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.


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