NEW DELHI: Fashion market
Voonik
today announced that it has raised $20 million in series-B round of
funding
. Sequoia Capital led the round with participation from
Times Internet
, Seedfund, Beenos, Beenext, Parkwood Bespin, Tancom Investments and FreeCharge founder Kunal Shah.
Launched in August 2014, Voonik claims 10 million registered users and 8 million app downloads, Recently, the company launched two fashion platforms -- Mr Voonik, an exclusive app for men fashion; and Vilara, a market place for designers and boutiques.
Voonik had raised a total of $27 million including $5,00,000 in seed and $6.5 million in series A. The company aims to enhance customer experience, strengthen its personalization engine, and to scale up its new platforms.
“Within just 3 years of inception, we have become the fastest growing fashion company in India. We have the highest engagement and conversion in the fashion industry. Series A helped us in gaining scale, and now with this renewed investor confidence through Series B, we are all set to consolidate our leadership in fashion commerce,’’ said Sujayath Ali, co-founder and CEO, Voonik.
The company has acquired five startups in the past six months. Voonik is attempting to strengthen its leadership in the unbranded fashion segment largely via acqui-hires or team acquisitions of startups in niche fashion offerings.
It claims to have achieved a $100-million run rate and is aiming to grow four-fold in GMV by the end of this fiscal.
Start a Conversation
Post comment