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InfoEdge Invests An Additional Amount Of Rs. 5 crore In 99labels.com
Last year we reported that InfoEdge made their second investment of $3.5 Million in a fashion retail website 99labels.com. The investment was believed to increase the company’s international brand offerings. It was also predicted with InfoEdge’s experience in the digital media it would help 99labels to grow its business. Later Info Edge reported significant growth in their net sales and margin which resulted in improvement of recruitment & real estate segment (an increase of47% in their profit). InfoEdge also invested $3million into Zomato.com and $4.3 million into Applect.
Now after a year, Info Edge (India) Ltd has made an announcement of investing an additional amount of Rs. 5 crore in Ninety Nine Labels Private Limited, which runs 99labels.com as a fashion ecommerce portal. The new investment is via fully convertible cumulative redeemable unsecured debentures.
In an interview to India Digital Review, 99Labels.com CEO Ishita Swarup said, “Info Edge had invested additional amount of funds on us, but the company didn’t go public with this“. With this round, the InfoEdge’s aggregate investment including the above is Rs. 285 million in Ninety Nine Labels Private Limited.
As an online classified company, InfoEdge lately have invested in multiple companies like New Delhi-based Kinobeo Software Private Limited, which operates group buying portal, mydala.com, hugely popular job-portal Naukri.com, 99acres, JeevanSathi, social Networking. Sites like Knimbus & Classle and the most recent being Online photography company Canvera Digital Technologies Pvt Ltd.
More venture backing shows the confidence Info Edge has in 99 Labels and only time will tell if customers will actually validate the concept.
Image Courtesy | entrepreneurheat & asknanu
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2012-09-12 09:40:14
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