ShoeKonnect receives Rs 3 crore investment from Naukri.com

 

ShoeKonnect, a B2B marketplace startup for global footwear industry received Rs 3 crore in funding from Naukri.com (Info Edge India).  The funding received will be used for strengthening its technology base to scale up operations and expansion in terms of the userbase of footwear buyers and sellers across India.

It was cofounded in 2015 by Siddharth Vij, Chaitanya Rathi and Siddharth Rastogi and it enables footwear enterprises from local organized or unorganized manufacturers to connect, communicate and transact on its mobile app.

Naukri.com or Info Edge (India), which is a listed company, have been early stage investor in many other internet-based startups as well like Zomato.com, Meritnation.com, Policybazaar.com, mydala.com, Happilyunmarried.com, Canvera.com, Vacationlabs.com, bigstylist.com and bluedolph.in.

Siddharth Vij, cofounder, ShoeKonnect, said

“The investment will help strengthen the technology base of the company to scale up operations and expansion in terms of the user base (Footwear Buyers and Sellers across India). So, the core focus shall be improving technology and expanding the user base – buyers and sellers on the platform”

ShoeKonnect proof of concept (POC) stage is almost complete and the platform is getting significant leads from the footwear retailers, whole sellers and manufacturers across India, claims the startup.

Currently, it claims to have 2000 plus buyers (retailers/distributors) and 200 plus sellers (brands/manufacturers/stockiest) on its platform with a monthly gross merchandise volume (GMV) of more than Rs 70 lakh.

Vij added,

“We are targeting to reach Rs 10 crore monthly GMV with keen focus on repetition and wallet share of bulk buyers and sellers”

Kitty Agarwal, AVP -Corporate Development, Info Edge (India), said

“We have invested in ShoeKonnect because it is a young, passionate team with relevant backgrounds in the Indian footwear industry. The platform has been able to build a high level of dependability amongst various stakeholders in the industry i.e. manufacturers, distributors, wholesalers and retailers by bridging the information gap and facilitating transactions”.

Market size of India’s total footwear is $6 billion, wherein $4 billion is domestic and rest comes from exports.

A large chunk of market comes from unorganized players, while only 20% is organized play in the domestic market.

Nearly, 30000 plus manufactures and whole-sellers are located in cities like Agra, Kanpur, Mumbai, Chennai, Kerala, Jaipur, Punjab and NCR. There are 4000 plus registered shoe brands and nearly six lakh shoe retailers spread across India.

Source : https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/naukri-com-invests-rs-3-crore-in-shoekonnect/articleshow/63885430.cms