Info Edge Invests INR 5 Crores in 99 Labels; Total Investment Now 28.5 Crores
Info Edge has marquee investments like Naukri, JeevanSaathi, 99 acres, MyDala and Zomato. Recently, InfoEdge made its biggest investment of $6.5 million in Canvera, a Bangalore-based online photography company. In a recent announcement, Info Edge invested 5 more crores in 99 Labels,a fashion retail site; having previously invested $3.5 million. The new investment is via fully convertible cumulative redeemable unsecured debentures.
Partnering national and international brands, 99labels presents event based online sales for a limited time period giving members an opportunity to buy fashion-wear, accessories, lifestyle products, sportswear and gear, electronics and even furniture at members-only prices that are up to 70% off label prices. 99 Labels was founded in Marcg 2009 by Ishita Swarup, an Economics Graduate from Delhi University and an MBA from IMT.
We know in time there will be many players as the space has opportunity for many players to come and thrive but what sets us apart is our servicing and consumer driven approach, we think like a prospective consumer and keep coming up with offers that will appeal to today’s consumers.
Said Ishita in a previous interview with us and that has certainly proved to be right. More venture backing shows the confidence Info Edge has in 99 Labels and only time will tell if customers will actually validate the concept.