Ru-Net (owns shares in Yandex, MJ Group, IConText, Ozon.ru, Aimobilko, Biglion, etc.) invested $ 17 million in two companies belonging to the Smile Group and operating in the online retail market of India, Freecultr and BeStylish, a source close to the deal said. Representatives of ru-Net declined to comment.
According to Kommersant, during the next round of investments, Freecultr received $ 9 million: ru-Net invested $ 7 million and Sequoia Capital, an American venture capital fund, invested another $ 2 million. The entire company, whose monthly revenue over the past three months has more than tripled (and business profitability is above 60%), was valued at $ 18 million. “Freecultr did not need money (the first round of investments from Sequoia was recently closed.) but the founders and Sequoia liked the experience of ru-Net in e-commerce in Russia, ”the source said.
Freecultr, working online, creates clothes and accessories that were not in the Indian market. The closest analogues are Uniqlo or Marks & Spencer. Production is established in the same factories where Puma, Reebok and Esprit sew their products.
The amount of ru-Net investments in BeStylish amounted to $ 10 million (the entire company is valued at $ 30 million). According to a source familiar with the deal, they now receive more than 1 thousand orders per day, and this is one of the largest players in the online shoe retail market in India. A feature of BeStylish's business is the launch of online kiosks, which the company installs throughout India in small shoe stores. The buyer can choose and buy the pair of shoes he likes that is most often not available in offline retail in this region (in a regular store the range is from 100 to 200 models, on the site - 6 thousand). Delivery is carried out within three days to the store from where the order was made. About this newspaper Kommersant.