Voonik raises $20 million from Sequoia, others

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Voonik Technologies Pvt. Ltd, owner of the Voonik fashion app, on Thursday said it has raised $20 million in Series B funding led by Sequoia India. Times Internet, Seedfund, Beenos, Beenext, Parkwood Bespin, Tancom Investments and Freecharge’s Kunal Shah also participated in the round.

The company will utilize the money for scaling up the men’s and premium segments—Mr Voonik, launched in April, and Vilara, launched earlier this month.

The company last announced a $5 million Series A round of funding from Sequoia India and early-stage investment fund Seedfund.

Earlier this month, the Bengaluru-based company announced the acquisition of three start-ups in the fashion space—Zohraa, Styl and Picksilk—to enter the premium e-commerce segment. The company did not disclose the size of the deals, which were acqui-hires.

Before these, Voonik also acqui-hired TrialKart, Getsy and a team from apparel rental start-up Klozee. Mint reported thata team of a dozen-odd people at Klozee was absorbed by Voonik last month .

The company runs a lean marketplace business where it operates without inventory and fulfilment centres. It has more than 10 million registered users, with 8 million app downloads. On the supply side, it has more than 1.5 million products from more than 15,000 sellers.

“Series A helped us gain scale, and now with this renewed investor confidence through Series B, we are all set to consolidate our leadership in fashion commerce. Our other two ventures are already paying off—Mr Voonik has crossed 5,000 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,” said Sujayath Ali, co-founder and chief executive officer, Voonik.

The company competes with the likes of social commerce fashion portal Limeroad, besides larger rivals in the fashion space such as Myntra, Jabong, Amazon, Flipkart and Snapdeal.

E-commerce sales in India are expected to grow from $14 billion in 2015 to $55 billion in 2018, according to a report in December 2015 by marketing research firm eMarketer.