US-based semiconductor company Qualcomm’s corporate venturing unit helped Big Shoe Bazaar India, a cash and carry company, raise INR 100 crore ($18m) on Tuesday.
Qualcomm Ventures was joined leading the C round by Fidelity Growth Partners India, a venture firm run by the eponymous US-based mutual fund manager.
Venture firms Nexus Venture Partners and Catamaran also invested. Big Shoe Bazaar own e-commerce website Yebhi.com.
Karthee Madasamy, Senior Director, Qualcomm Ventures, India and Israel, said: “The number of Internet users via mobile has already surpassed Internet users via PC, creating a growing opportunity to reach mobile connected consumers with unique shopping experiences. Our investment in Big Shoe Bazaar has come at a time when the rapid rise of smartphones, tablets and social media networks stands to greatly influence the way people engage in online shopping. We are delighted to co-lead this financing round.”
Raul Rai, managing director, Fidelity Growth Partners India, said: “Big Shoe Bazaar is best positioned and equipped to support the needs of mass market ecommerce sites like Yebhi.com. Global leaders in the mass market segment were able to take up value-based positions based on very strong back end capabilities. We believe Big Shoe Bazaar’s strengths are unparalleled in the backend.”