Infoedge invests Rs 5 crore in 99labels, fashion retail website
Within a fortnight of Infoedge’s 35 crore investment in Canvera, the company has invested Rs 5 crores in invitation based lifestyle website 99labels. As per BSE filing, the investment was made through optionally convertible cumulative redeemable preference shares.
With this fresh investment, Infoedge Edge’s investment in 99labels totaled around $4.5 million.
Previously, in May 2011, Info Edge had invested $3.5 million in the company that competes with Fashionandyou, Brandmile and Exclusively.in including several others.