Fashion marketplace Voonik has raised $20 million in a Series B round of funding led by existing investor Sequoia Capital, with participation from Seedfund and a cluster of other investors. These include Times Internet, Beenos, Beenext, Parkwood Bespin, Tancom Investments and individual investor Kunal Shah. The fresh funds will be used to enhance customer experience, strengthen its personalization engine, and to scale up its men’s ecommerce store Mr Voonik and online luxury store Vilara. The company operates as a full marketplace model without a local inventory or fulfillment centers. It sells unbranded fashion products across categories like ethnic and western wears, lingerie, footware, accessories and jewelry, among others. Currently, Voonik claims to have an annual GMV rate of over $100 million with over 10 Million registered users. It also claims to have over 15 lakh fashion products from more than 15,000 sellers on its ecommerce platform. Previous funding: In June 2015, Voonik had raised $5 million in Series A funding from Sequoia Capital and Seedfund for upgrading its personalisation and style recommendation technology. Note that Voonik was initially inducted by Microsoft Ventures Accelerator during the fourth batch of its accelerator program in February 2014. Acqui-hires: In this month, Voonik had acqui-hired three different startups: Zohraa, a marketplace for designers and boutiques, that entered the e-commerce space through the launch of Voonik-owned portal Vilara.com, Styl, a salon and spa booking app, and Picksilk, an online silk store. The company did not disclose the size of the deals. But it has stated that the…
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