Fashion And You, the invitation-only shopping site has raised $40 million (Rs 202.3 crore approx.) in a funding round led by Norwest Venture Partners and Intel Capital, with participation from Sequoia Capital India and Nokia Growth Partners. According to a statement from the company, it intends to utilise the funds for its growth initiatives, including acquisitions, starting new business categories, as well as for accelerating its growth in existing categories and geographies. The exact stake divested has not been disclosed. The transaction is one of the biggest investment in an e-commerce company in the recent times.

Fashionandyou, which claims to have 2.7 million members, plans to also use the fund to facilitate new member addition and for improving supply chain and distribution mechanism. According to Pearl Uppal, the CEO of the company, Fashion and You will also make strategic acquisitions to complement its existing business lines.

Last year, the company had raised $8 million from  from Sequoia Capital India. Owned by Smile Interactive and Goldsquare Sales India, Fashion and You was co-founded in 2010 by former Yahoo India Sales Director Pearl Uppal, and was backed by Group Buying Global AG and Smile Interactive founder Harish Bahl.  The site offers its registered users deals from designers at significant discounts, through limited time sales.

Of late, the e-commerce space in India has been witnessing a slew of investments. Recently, group buying portal, Deals And You had raised $17 million (approx Rs 84 crore) in a funding round led by Mayfield Fund and Norwest Venture Partners, with participation from Nokia Growth Partners and Intel Capital. Smile Interactive’s Harish Bahl also backs the company along with other partners. Earlier Valyoo Technologies, a Delhi based e-commerce venture, which runs  LensKartWatchKart and BagsKart had raised $4 million from IDG Ventures. Hoopos.com, an e-commerce venture focused on retailing mother care, baby and kids products had also raised funding in an early stage investment round from Helion Advisors.