Fashion etailer Yebhi has expanded its reach and presence in the fashion jewellery space with the acquisition of StylishYou.In for over $1 million, in a cash-and-equity swap deal. As part of the deal, Shraddha Danani will join the Yebhi team, along with the merchandising team of StylishYou to focus on building the jewellery etailing business of Yebhi.
Speaking with the press, Shraddha said, “I am excited to have joined the team and I look forward to an interesting journey with the basic intent of leading the jewellery category in the country and participation across existing and new products.”
Founded in early 2011 by Shraddha Danani, StylishYou is a recent player in the etailing space but has built its expertise in sourcing and merchandising of fashion jewellery and accessories. The company was doing swift business and had gained fair bit of traction in the fashion jewellery etailing market, and thus made sense to a larger player such as Yebhi for inorganic expansion. Currently, the StylishYou site has been taken off and the final decision on whether to retain the site separately will be finalised in the days to come.
Yebhi.Com, which was started by Manmohan Agarwal as BigShoeBazaar, has expanded its product categories and scope of services over the past 2 years. The company now sells goods across a variety of product categories in the fashion and lifestyle space. Yebhi has received funding of over Rs.50 Crores from Nexus Ventures Partners and Catmaran Ventures in two separate rounds of funding. The company had been looking out to acquire niche players to expand product categories and expansion.
Speaking on the acquisition, Manmohan Agarwal, owner of Yebhi.Com, said, “Jewellery e-retailing as a category is very nascent category right now and we would like streamline our efforts in making it the next big thing.”
The e-commerce market in India has seen some consolidation by larger players, starting with Flipkart acquiring LetsBuy, Snadeal acquiring eSportsBuy and now Yebhi acquiring StylishYou. The dynamics of the e-commerce industry which started out as a completely urban phenomenon have undergone a shift, with the market expanding in Tier-II and III cities, right alongside inorganic expansion by large players to expand their presence across categories as well as customer profile. Niche players have been mushrooming across the length and breadth of the country, while established offline players have started to launch their online formats. Given that India has over 1.2 Billion people with under 10% having access to mobile and internet, the e-com market is set to grow further in the years to come.