Nedra Partners Will Invest US $9 Million in StyleAdda

Online, October 31, 2011 (Newswire.com) - Nedra Partners, a Taiwan based private equity fund, will invest US $9 million or Indian National Rupee (INR) 43 crore in the India's largest upcoming online shopping mall StyleAdda.com. The online shopping mall is scheduled to be launched on the new year eve and will have over 15,00,000 products listed, beating eBay India by cool 2,50,000 products.

"StyleAdda is a huge project; the site is already on the development floor and will have a huge listed inventory. The total cost of development may surpass US $26 million or INR 125 crore, hence investment from Nedra Partners may be a huge help to our ambitious project." said Garima Malhotra, Chairman of StyleAdda Retail.

StyleAdda will hire close to 250 full time and 800 temporary software engineers, the selection process will be rigorous and will be conducted in association with CandyDate Jobs the India's largest human resource consultancy. StyleAdda will be the India's first e-commerce site to have its own Level 3 Data Centre, which alone has added a cost of US $5.2 million or INR 25 crore.

StyleAdda may also buyout warehouses in the metro cities of India. StyleAdda will be launched in beta stage in January, 2012 and will have a final launch somewhere in March.

"This is not the first time we are investing in an e-commerce site; we have already invested in many e-commerce sites around the world and have managed to achieve a 30% return on investment (ROI) on year on year (YoY) basis. This may be the largest investment by us and we are expecting some great numbers from StyleAdda." said Nedra Castro, principal partner of Nedra Partners.

Nedra Partners have an option to convert debt into 11% of equity stake in StyleAdda Retail which indirectly values upcoming project at US $81 million or INR 390 crore. Nedra Partners is expecting daily sales volume of US $1.2 million or Rs 5.7 crore.