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…
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