Online apparel and shoe retailer Bigshoebazaar India has got Rs 40 crore funding from venture capital firms Catamaran Ventures and Nexus Venture Partners by diluting 20 per cent of its equity.
This is the second round of funding for the company, which it said will deploy the funds to scale up its supply chain infrastructure, especially in tier-II cities.
“We have invested substantial efforts, technology and capital into building robust warehousing, logistics and distribution capabilities. The funding will help us expand our reach and strengthen our back-end supply chain and delivery infrastructure. Both Nexus and Catamaran are working with us closely to build a robust e-commerce company,” Manmohan Agarwal, Founder & CEO, Bigshoebazaar India, told Business Line.
Co-founded by Agarwal, Bigshoebazaar retails branded footwear such as Bata and Puma through its online cash and carry platform, www.bigshoebazaar.net. The company is also the online licensor of www.yebhi.com, an e-commerce site.
Bigshoebazaar’s founders include Nitin Agarwal, founder of Brainvisa Technologies (Sequoia backed firm acquired by Indecomm) and former Vishal Retail Corporate Affairs CEO, Manmohan Agarwal. Started in 2009, Bigshoebazaar currently caters to 3,000 retailers and has over 100 brands in its portfolio. It supplies footwear from wholesalers to smaller retailers and players across smaller towns which do not have access to brands and cannot place large orders.
Through this process, brands also get access to newer and under-penetrated markets. While the catalogue of its goods is available online through bigshoebazaar.net, the company also has a sales force which deals with retailers.
Asked about the company’s turnover, Mr Agarwal said that the company is growing in high double digit. He, however, declined to give a number.
Source – Business Line
