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

Courtesy: Li & Fung

Textiles | On 29th Mar 2017

Li & Fung introduces new 3-year plan 2017-2019

Li & Fung Limited has outlined its next Three-Year Plan (2017-2019)...

Courtesy: Carrington

Apparel/Garments | On 29th Mar 2017

Carrington Workwear signs JV with TMG Textiles

Carrington Workwear, one of the largest producers of workwear fabrics ...

Apparel/Garments | On 29th Mar 2017

Indonesian garment exports to remain stable in 2017: API

Garment exports from Indonesia are likely to remain stable this year...

Interviews View All

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Giorgio Mantovani
Corman S.p.A

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

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Igor Chapurin
Chapurin

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

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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
March 2017

March 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search