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Naukri.com’s parent company Info Edge India has invested Rs 3 crore in Delhi-based ShoeKonnect, which is an online B2B marketplace startup for global footwear industry.

The funds raised will be used by the startup for strengthening its technology base to scale up operations and expansion in terms of the userbase of footwear buyers and sellers across India.

Founded in 2014 by Siddharth Vij, Chaitanya Rathi and Siddharth Rastogi, ShoeKonnect is a B2B commerce mobile application designed specifically to cater to the needs of the footwear industry. It helps footwear enterprises to connect and communicate with each other and expand their business.

“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” said Siddharth Vij, cofounder & CEO, ShoeKonnect.

ShoeKonnect’s proof of concept (POC) stage is almost complete and the platform is getting significant traction 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.

“We are targeting to reach Rs 10 crore monthly GMV with keen focus on repetition and wallet share of bulk buyers and sellers” added Vij, who’s family runs footwear and apparel manufacturing businesses in Agra.

Earlier in October 2016, the startup had raised undisclosed amount in seed funding from Indian Angel Network. Naukri.com’s parent company Info Edge India has invested Rs 3 crore in Delhi-based ShoeKonnect, which is an online B2B marketplace startup for global footwear industry.

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The funds raised will be used by the startup for strengthening its technology base to scale up operations and expansion in terms of the userbase of footwear buyers and sellers across India.

Founded in 2014 by Siddharth Vij, Chaitanya Rathi and Siddharth Rastogi, ShoeKonnect is a B2B commerce mobile application designed specifically to cater to the needs of the footwear industry. It helps footwear enterprises to connect and communicate with each other and expand their business.

“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” said Siddharth Vij, cofounder & CEO, ShoeKonnect.

ShoeKonnect’s proof of concept (POC) stage is almost complete and the platform is getting significant traction 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.

“We are targeting to reach Rs 10 crore monthly GMV with keen focus on repetition and wallet share of bulk buyers and sellers” added Vij, who’s family runs footwear and apparel manufacturing businesses in Agra.

Earlier in October 2016, the startup had raised undisclosed amount in seed funding from Indian Angel Network.

The above news was first reported in Economic Times.

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

India is the fastest-growing online retail market in the world. As per the report, e-commerce sales in India will reach $64 billion by 2021, growing at a five-year compound annual growth rate (CAGR) of 31.2%.
Besides,India’s total footwear market size is $6 billion, wherein $4 billion is domestic and rest comes from exports. In the domestic market, a large chunk of market comes from unorganized players, while only 20% is organized play.

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.

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