The Delhi based online wholesale company Bigshoebazaar.net has raised Rs 40 crores in the second round of funding. Catamaran, a venture capital fund founded by Infosys co-founder Narayana Murthy and Nexus Venture are the fund houses that invested in Bigshoebazaar.net. The company has earlier raised Rs 10 crores from Nexus venture in first round of funding. Bigshoebazaar.net is an online retailer that deals in products such as shoes, apparel, gift items, bags and accessories.
The company plans to use the funds to expand its product portfolio, reach new customers and geographies, and build its backend delivery network and associated infrastructure. The company allows retail stores to buy its product in bulk at wholesale prices. The company already has tie ups with more than 3000 retailers in the country. It stocks products from brands such as Nike, Puma, Reebok, Duke, Bata, FILA and many others. Such brands are difficult to find in small towns. Hence there is a vast opportunity for the company to attract retailers from such cities. With the expansion of malls in small towns and awareness amongst consumers, demand for such brands will only increase.
This is yet another funding deal in the e-commerce space in India which has already seen more than 10 such deals including the $20 million USD funding in flipkart.com by Tiger Global.