ShoeKonnect raises Rs 3 crore from Naukri.com, to use funds on expansion

By

Maverick Martins

Published
Apr 25, 2018

ShoeKonnect, a footwear marketplace start-up has managed to raise Rs 3 crore (approx $0.5 million) from Naukri.com (Info Edge India) and plans to use the funds to expand its network across India.
 

ShoeKonnect will also invest in technology and scale up operations this year and has aims to reach Rs 10 crore (approx $ 1.5 million) monthly GMV. Currently, the company’s monthly gross merchandise volume (GMV) is more than Rs 70 lakh.
 
“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,” Siddharth Vij, cofounder of ShoeKonnect, told the Economic Times.

“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.
 
“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,” said Kitty Agarwal, AVP Corporate Development of Info Edge (India).
 
ShoeKonnect is a marketplace platform owned by Bizcrum Infotech and was founded by by Siddharth Vij, Chaitanya Rathi and Siddharth Rastogi in 2015. It helps connect buyers to sellers and do business transactions on its mobile app.
 
At present, there are 2000 plus buyers (retailers/distributors) and 200 plus sellers (brands/manufacturers/stockists) associated with ShoeKonnect.