Info Edge to invest $3.5 mn in 99labels.com; buy stake

NEW DELHI: Info Edge, an IT firm that owns Naukri.com, today said it will pick up stake in 99labels.com, investing about $ 3.5 mn in the web portal.

It said that of the total investment, a small portion will go towards buying stake from some shareholders and the rest will be used for funding the portal's growth.

Officials at both the companies said they are still in the process of finalising various details.

99labels.com partners with brands across fashion apparel, lifestyle products, accessories, footwear, watches, jewellery, fragrances and home decor to sell their products online.

The investment will go towards increasing the company's international brand offerings and creating awareness among target audience more aggressively, Info Edge said.

"The e-commerce market is poised for take-off in India and this is the right time to enter. The space in which 99labels operate holds tremendous potential as a vastly scalable business,"Sanjeev Bikhchandani, Founder and Executive Vice Chairman of Info Edge India said in a statement.

Info Edge owns and manages websites including Naukri.com, Jeevansathi.com, 99acres.com, Shiksha.com.