Home / Knowledge / News / Fashion / Voonik raises $20 million in Series-B funding
Voonik raises $20 million in Series-B funding
17
Jun '16
Bengaluru-based fashion marketplace Voonik has announced that it has raised $20 million in Series-B round of funding. Sequoia India led the round with participation from Times Internet, Seedfund, Beenos, Beenext, Parkwood Bespin, Tancom Investments and Kunal Shah.

Since its launch in August 2014, Voonik, has become the leader in the unbranded fashion category with 10 million registered users, eight million app downloads, $100 million annual GMV and $13 million annual revenue rate, it said I a press release. Recently the company has launched two other fashion platforms, Mr Voonik, an exclusive app for men fashion and Vilara, a market place for designers and boutiques.

Voonik had raised $500,000 in seed, $6.5 million in series A and $20 million in series B for a total of $27 million in funding.

The funds will enable Voonik to enhance customer experience, strengthen their personalization engine, and to scale up Mr Voonik and Vilara.

Voonik Co-founder and CEO Sujayath Ali said, “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. Our other teo ventures are already paying off – Mr Voonik has crossed 5000 shipments a day and Vilara is getting good traction from both high end users as well as from many designers and boutiques. This funding has happened at a very opportune moment.”

On the supply side, Voonik claims it has over 15 lakh products from more than 15,000 sellers. Voonik has a highly scalable 'lean' marketplace business model where it operates without inventory and fulfilment centers, the release said. (SH)

Fibre2Fashion News Desk – India

Must ReadView All

Textiles | On 22nd May 2017

GST to be biggest achievement of Modi govt: ASSOCHAM

Goods and Services Tax (GST) which is near a roll-out would be the...

Textiles | On 22nd May 2017

Maintaining NAFTA benefits is crucial: Cotton council

The US must remain a participant in a vibrant North American Free...

Apparel/Garments | On 22nd May 2017

Retailers ask Congress not to go for consumption tax

The National Retail Federation has asked US Congress to focus on...

Interviews View All

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search