Voonik, India’s largest fashion marketplace 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, 8 Million app downloads, 100 Million Annual GMV and 13 Million annual revenue rate. Recently 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 $500K in seed, $ 6.5 Million in series A and $ 20 Million in series B, making it 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.
Speaking on this development, Sujayath Ali, Co-founder and CEO, Voonik, 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 2 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 & boutiques. This funding has happened at a very opportune moment.”