Info Edge-backed ShoeKonnect to expand to a full-fledged fashion B2B marketplace
Agra-based footwear marketplace ShoeKonnect is expanding beyond its core offering with the addition of fashion and apparel to become a multi-category fashion business-to-business (B2B) marketplace, a media report said.
The startup aims to on-board over five million small retailers selling garments, accessories and other fashion products, The Economic Times reported. With the new additions, the company targets to clock Rs 100 crore in monthly gross merchandise value (GMV) by the end of 2020.
ShoeKonnect, run by Bizcrum Infotech Pvt. Ltd and backed by Info Edge, 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 was a tax analyst at PwC, and Vij’s family runs footwear and apparel manufacturing businesses.
ShoeKonnect brings manufacturers, retailers, component suppliers and buyers onto a single platform. It claims to facilitate purchases by retailers from manufacturers, reducing costs and avoiding logistical issues. It also runs a leather products hub in Uttar Pradesh.
A detailed questionnaire seeking details regarding the development sent to co-founder Vij did not elicit a response until the time of publishing this report.
In its most recent fund raising, the company secured an additional Rs 6 crore ($867,480) from Info Edge (India) Ltd, the parent company of job portal Naukri.com and real estate website 99acres.com. The round raised Info Edge’s stake to 29.79% from 27.27%. Info Edge first invested Rs 3 crore in April 2018 to acquire a 20% stake and subsequently invested Rs 3 crore ($422,000) in November 2018 to increase its stake to 27.27%.
IndiaMart is the most significant B2B success story in the country’s online commerce space. Founded in 1996, IndiaMart runs an online B2B platform for small and medium businesses that connects global buyers with suppliers. The company operates in nearly 55 categories including industrial plants & machinery, building & construction, industrial supplies, apparel & garments, food & beverages, hospital & diagnosis instrument and electronics & electricals. The initial public offering of IndiaMart InterMesh Ltd was fully covered on the second day of the issue last week.
Bengaluru-based Hiveloop Technology Pvt. Ltd, which operates the business-to-business e-commerce platform Udaan, raised approximately Rs 140 crore (around $20 million) from its Singapore-based parent Trustroot Internet, The Economic Times reported last month. The company, which follows an asset-light model, operates across fashion, electronics and staples and fast-moving consumer goods.