99labels.com raised around Rs.16 Crore in Funding
Date: Wednesday , June 08, 2011
99lables.com, an e-commerce private sales portal, raised around Rs. 16 crore in funding from Info Edge. 99labels.com is a members-only, flash sale site, 99lables.com, offers up to 90 percent discount on branded merchandise for luxury brands in fashion apparel, lifestyle products, accessories, footwear, watches, jewelry, fragrances and home decor. This investment will be used in increasing the company's international brand offerings, invest in ERP (enterprise resource planning) and CRM (customer relationship management) systems, and creating awareness amongst the target audience more aggressively.
"We're really excited about forming this strategic alliance with Info Edge, and are sure that it will be a great step in taking the 99labels dream to new dimensions. We have quickly risen to be one of the top e-commerce portals in India, and we look forward to a productive, innovative and supportive partnership with a company that shares our ideals and our ethos,” says Ishita Swarup, CEO, 99labels.com. “Our mission in pioneering this online private sales concept in India has always been to constantly innovate and make possible the most satisfying experience for both our members as well as merchant partners,” She adds.