InfoEdge Invests $3.5 million In 99Labels

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.

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App Development Company SourceBits Raises $10 million From Sequoia Capital and IDG Ventures

App development company Sourcebits has raised $10 million funding from Sequoia Capital and IDG Ventures, in order to expand to US market.

For the year ending March 2011, Sourcebits posted revenues of $6.5 million and one of its app, Night Lamp has been the #2 app in Apple app store and the app itself has gotten revenues of $1 million for the company.

Post this series A funding, SourceBits will expand the engineering and sales team to US market.

Given that app platforms like Android have democratized the global mobile space, expect a lot of Indian companies to go aggressive in global markets.

Recommended Read: The Rise of Mobile Only Internet Generation in India [41% Prefer Mobile To Access Internet]

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