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Yebhi co-founders resign to form new ventures

By FashionUnited


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Nitin Agarwal and Rajul Jain, co-founders of fashion and lifestyle etailer Yebhi.com,

run by Gurgaon-based Big Shoe Bazaar India are said to have put in their papers to launch their own new separate ventures. Yebhi.com is a horizontal e-commerce merchant that deals in categories like apparel, accessories, home furnishings, toys, electronics and the recently added online mobile recharge.

The company is said to be in talks with the PE investors to raise its fourth round of funding worth 30 million dollars (over Rs 186 crores). After failing to secure the fourth round funding earlier, the platform had gone for a bridge round of 12 million dollars (over Rs 74 crores) from its existing investors earlier this year.

Last year, the company managed to get funds through Series C of Rs 100 crores led by Fidelity Growth Partners India and Qualcomm Ventures along with existing investors Nexus Venture Partners and Catamaran Ventures—the private investment arm of Infosys co-founder NR Narayana Murthy. And before that it had raised around Rs 50 crores in two rounds – once in 2011 led by Catamaran Ventures, which infused Rs 40 crore and in 2010, it had raised its Series A worth Rs 10 crore from Nexus Venture Partners.

Betting big on the success of its private brands, the company claims that the private labels have been in focus not only because they fetch higher margins but also because of the flexibility they provide in terms of pricing, quality and designs. Yebhi witnesses around 6,000-7,000 orders a day with the average order value of around Rs 1,500.