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Fashion marketplace Voonik secures $20M from Sequoia, Seedfund and others

fashion

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 aqui-hires will help Voonik in strengthening core offerings in technology and product.

In February, Voonik had acqui-hired Getsty, a personal shopping platform for men, for an undisclosed amount. In August  last year, it had acqui-hired TrialKart, a mobile platform for providing virtual dressing room experience.

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Other developments in fashion ecommerce

-Last month, HT Media acquired 8.31% stake in online fashion retailer Koovs for GBP 3 million, which is approximately $4.4 million.

-In the same month, Global Fashion Group which owns Jabong had raised €300 million (~$345.57M) from Rocket Internet.

-In April, fashion focused social network Roposo.com has raised $5 million from Bertelsmann India Investments (BII).

-In the same month, Mukesh Ambani owned Reliance Industries had launched its fashion ecommerce portal called Ajio.com under its Jio brand.

– In October 2015, Aditya Birla launched an online fashion portal called abof.com that lists clothing and accessories for men and women, both from Aditya Birla’s brands as well as curated clothing from other brands.

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-In the same month, NDTV’s online fashion marketplace IndianRoots partnered with Fabindia to sell the latter’s Indian ethnic wear and merchandise. In May 2015, the company raised $5 million funding from KJS Group.

-In June 2015, Ratan Tata, chairman emeritus of Tata and Sons, had invested an undisclosed amount in women’s fashion formal wear portal Kaaryah.

– In February 2015, Mahindra Group acquired baby products focused e-commerce venture Babyoye.com.

Our coverage on Fashion ecommerce here

 

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