Bengaluru-based online fashion retailer Voonik has raised $20 million in series B funding led by marquee investor Sequoia Capital. The deal also saw participation from Times Internet, Seedfund and Freecharge founder Kunal Shah, among others.
The firm, which opened its doors in August 2014, claims it is clocking an annual revenue of $13 million and has crossed the $100 million mark in terms of gross merchandise value. Voonik says it will utilise the funds to scale up its men’s fashion brand Mr Voonik and marketplace for boutiques Vilara.
“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,” said Sujayath Ali, Co-founder and CEO at Voonik, in a statement.
The investment in Voonik comes a year after the company raised $6.5 million in its series A round which helped it achieve scale. Today the firm has 10 million registered users and eight million app downloads, making it one among the largest in India’s online fashion retail space.
(Source: Business Standard )