Voonik a Bangalore based fashion app has raised its Series B round funding of $20 Million from its existing investor Sequoia Capital. Other investors took part in this round were Beenext a Singapore based Venture Capital Fund, Times Internet, Beenos a Japanese e-commerce operator, seed fund, Kunal Shah and Parkwood Bespin.
The funds will be utilized in stregthening its product categories including Mr. Voonik as menswear, Vertical Voonik focused on Women and Vilara for premium products.
Voonik was launched by Sujayath Ali and Navaneetha Krishnan in August 2014. It is a shopping app for women which helps them to buy clothes from multiple stores, based on their body type, budget and lifestyle.
Voonik’s core app focused on women has around 8 million downloads, 10 million registered users, $13 million revenue rate and Annual GMV of $100 million. To built its platform, Voonik has acquired 3 startups including Styl, Picksilk.com and Zohraa. Voonik acqui-hired Getsy in February 2016 to boost its men’s fashion app.
Sujayath Ali, Co-founder and CEO of 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 5,000 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.”