Brand owner of Yebhi.com gets Series C funding backed by Fidelity, Qualcomm, Nexus Venture Partners and Catamaran
BestMediaInfo Bureau | Delhi | July 11, 2012
Big Shoe Bazaar India Pvt Ltd., the leading online wholesale cash and carry company, announced that it has raised INR 100 Cr in Series C round of funding led by Fidelity Growth Partners India and Qualcomm Incorporated, through its venture capital investment arm, Qualcomm Ventures. Existing investors, Nexus Venture Partners and Catamaran also participated. Big Shoe Bazaar is also the brand owner & licensor of Yebhi.com, which is Indiaâs fastest growing mass market ecommerce site.
The wholesale cash and carry venture supplies shoes, apparels, lifestyle accessories, jewellery, mobiles, electronics, kitchenware and homeware across a variety of brands from wholesalers to smaller retailers through an online catalogue. This enables the small retailers to access a large number of brands at their doorstep, conveniently, while enjoying healthy margins.
âBig Shoe Bazaar is best positioned and equipped to support the needs of mass market ecommerce sites like Yebhi.com. Global leaders in the mass market segment were able to take up value-based positions based on very strong back end capabilities. We believe Big Shoe Bazaarâs strengths are unparalleled in the backend,â said Raul Rai, Managing Director, Fidelity Growth Partners India.
âThe number of Internet users via mobile has already surpassed Internet users via PC, creating a growing opportunity to reach mobile connected consumers with unique shopping experiences. Our investment in Big Shoe Bazaar has come at a time when the rapid rise of smartphones, tablets and social media networks stands to greatly influence the way people engage in online shopping. We are delighted to co-lead this financing round.â said Karthee Madasamy, Senior Director, Qualcomm Ventures, India and Israel.
Elaborating on the growing portfolio of the company, Manmohan Agarwal, CEO, Big Shoe Bazaar India Pvt Ltd added âYebhi.com has pioneered mass market ecommerce in India and has taken significant first mover advantage in this large segment. Big Shoe Bazaarâs state of the art fulfillment centre, efficiencies in our supply chain and our logistics network are key to supporting Yebhi.comâs customer connect. Our Series C round of investments will further strengthen these core initiatives.â