Yebhi.com, earlier known as bigshoebazaar, has raised $20 million Series C funding led by Fidelity Growth Partners India (FGPI) and Qualcomm Ventures (QV). The company had earlier raised Series A funding of $2million from Nexus Venture Partners in 2010. In 2011 it raised Series B funding which was led by Catamaran Fund and Nexus Venture Partners. The existing investors have also actively participated in this round of funding. There has also been a give and take of stakes in the whole process but the company refused to put a number to it.
Speaking to PluGGd, Manmohan Agarwal, CEO, Yebhi.com said, “Big Shoe Bazaar’s state of the art fulfilment centre, efficiencies in our supply chain and our logistics network are key to supporting Yebhi.com’s customer connect. Our Series C round of investments will further strengthen these core initiatives. Most of the funds will go towards building fulfilment systems and delivery infrastructures.”
Post this investment Raul Rai, MD, FGPI, joins Yebhi.com as a Director on board and will help strengthen these core initiatives.
As per the latest TRAI subscriber report India has 960.90 million telecom subscribers and it is growing at a rate of 0.84 per cent MoM. Given this fact it is no wonder that Yebhi is working on a strategy to roll out initiatives for tablets and smartphones and QV has been a part of this investment. Infact Yebhi will soon see another director on board from Qualcomm who will help to further build and implement the same.
Yebhi seems to be on an acquisition and investment spree. A few months back it acquired jewellery portal StylishYou.in.