The acquisition rage has knocked India e-commerce doors as well. Yebhi.com, the home, lifestyle and fashion e-retailer has acquired 10-month old fashion and accessories portal stylishyou.in. The details of the deal have not been disclosed although it comprises of cash and equity. Yebhi which is owned by Bigshoebazaar (parent company) has also acquired the merchandising team as part of this deal.
Gurgaon based Yebhi.com was founded in 2009 and catalogues over 150 brands and the site and claims to receive 3 lakh visitors a day.
Commenting on the acquisition, Manmohan Agarwal, CEO, Bigshoebazaar.com, said, "Jewellery e-retailing as a category is very nascent right now and we would like to streamline our efforts to make it the next big thing! Yebhi.com, with its large logistics and delivery network, can provide Stylishyou within Yebhi the deepest reach. We at Yebhi make constant efforts to improvise on the basis of people's feedback and now the demand is highest for jewellery. Thus, we will ensure that along with lifestyle, Yebhi will also be India's largest online jewellery store."
The jewellery portal Stylishyou.com was founded in 2011 by entrepreneur Shraddha Danani who will now head the jewellery vertical at Yebhi.com. It mostly deals with leading brands across all categories of jewellery and style accessories. The company also carries designer labels of bags, branded perfumes, watches etc.
Talking about the new venture, Shraddha Danani said, “Yebhi.com has been synonymous with offering a wide array of products to its discerning customers and delivering the best of the products at the shortest time ever. I am excited to have joined the team and I look forward to an interesting journey with the basic intent of leading the jewellery category in the country and participation across existing and new products.”
The online jewellery industry hits Rs 150 crore in India and more and more players are eyeing the space so much so that ASSOCHAM expects the industry to grow nearly five-fold to Rs 700 crore within the next three years.
Earlier in 2010, Nexus had invested Rs 10 crore in Bigshoebazaar India. Last year, Infosys Technology’s Founder Narayan Murthy owned Catamaran Ventures and Nexus Venture Partners had picked up 20 per cent stake in Bigshoebazaar India Pvt Ltd that sells apparel, shoes and accessories online for Rs 40 crore.
April 22, 2013, 5:55 am UTC
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