July 21, 2011 8:04:11 pm
Infosys Technologies founder Narayan Murthy-owned Catamaran Ventures and Nexus Venture Partners have picked up 20 per cent stake in Bigshoebazaar India Pvt Ltd that sells apparel,shoes and accessories online for Rs 40 crore.
While Catamaran Ventures has picked up 13 per cent stake in the online firm for Rs 26 crore,Nexus Venture Partners has picked up 7 per cent stake for Rs 14 crore.
In 2010,Nexus had invested Rs 10 crore in Bigshoebazaar India.
“The funds will be used to strengthen supply chain and setting up warehouses to support growth at the front-end,” Bigshoebazaar India Co-founder Manmohan Agarwal said.
Both Nexus and Catamaran are working closely with the firm to build scale and a robust e-commerce platform,he said.
The company sells branded footwears to retailers through its online portal bigshoebazaar.net and caters to individual customers through Yebhi.com,a portal for shoe,apparel,bags,accessories and gift items.
Bigshoebazaar India was set up in 2009 by Manmohan Agarwal,Nitin Agarwal Founder of Brainvisa Technologies (Sequoia backed firm acquired by Indecomm),Danish Ahmed and Rajul Jain,Ex-Vice President of Indiabulls Real Estate.
When asked about the current turnover,Agarwal declined to give details.
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