Info Edge has invested $3.5 million in 99labels, an invite-only boutique shopping site. The investment is through a mix of buying out some existing shareholders and the major portion is directly into the Company to enable it invest in its business.
“Info Edge (India) Ltd has informed BSE that the Company has approved an investment of Rs. 157 million through an equity stake in Ninety Nine Labels Pvt. Ltd., engaged in online retailing of merchandise e.g. clothes, perfumes, fashion accessories, vouchers and discount deals on the internet, principally through the web portal www.99labels.com. The investment is through a mix of buying out some existing shareholders and the major portion is directly into the Company to enable it invest in its business.-via.
99Labels competitors include FashionAndYou (which raised $8mn from Sequoia Capital) and Exclusively.in (has raised $2.8 mn from Accel Partners and Helion Ventures).
Very recently, Info Edge invested $2 million in MyDala, a group buying site, $2.5 million in PolicyBazaar and also in Nogle Technologies/Blinkk.me and Zomato.