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Series C Funding of $18 Million for Indian E-Commerce Site Yebhi

Gurgaon-based fashion e-commerce site Yebhi.com has just announced that its parent company has wrapped up Rs 100 crores (US$18 million) in series C funding. That’s its biggest ever round. The site is owned by Big Shoe Bazaar, one of India’s top online wholesale cash and carry companies.

Two new investors led this third funding round in Big Shoe Bazaar – Fidelity Growth Partners India and Qualcomm Ventures – that also saw participation from previous backers Nexus Venture Partners and Catamaran. Its main site, Yebhi, is one of India’s leading e-tailers of low- to mid-range clothing and shoes for both men and women. It has recently diversified into other items, such as electronics and mobile top-up payments. Its first funding round in November 2010 raised Rs 10 crores, followed by raising Rs 40 crores last year.

Qualcomm Ventures, the investment arm of the chipmaker Qualcomm (NASDAQ:QCOM), usually invests in mobile-oriented startups, and it seems that mobile commerce is on its mind with its first backing of Big Shoe Bazaar. Qualcomm Venture’s senior director Karthee Madasamy said in an announcement today: The number of mobile internet users has already surpassed those who use PCs, creating a growing opportunity to reach mobile-connected consumers and provide them 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.

Last year, Big Shoe Bazaar acquired the jewelry portal Stylishyou.in, and more acquisitions might be in the offing with its biggest-ever VC funding.