Fashion etailer Voonik to raise $10 million, aims to break even by next fiscal

By

Maverick Martins

Published
Mar 24, 2017

Fashion e-commerce portal Voonik is looking to raise around $10 million within the next two quarters as it hopes to break even by end of next fiscal.

“We will approach our investors for raising next round of funding after three months as we need to raise funds before the next Diwali festival. It is crucial for us to have additional funds before we achieve the breakeven, which we are targeting by end of next fiscal,” Sujayath Ali, co-founder and CEO, Voonik Technologies told the Financial Express.

The next level of funding will help the company achieve larger scale and enables it to take on the competition from larger players like Myntra, Ali said.

Since its establishment, Voonik has raised $30 million in equity and $3 million in debt. Its investors include Sequoia Capital, Times Internet, Seed Fund, Beenox, Beenext and Kunal Shah.

Ali said the company is set to close the current financial year with revenue of Rs 60 crore, an almost four-fold growth over the last year. “We will have higher revenues this year mainly because now we have our own marketplace as compared to previous year when we were operating as affiliates. The commission we earn is higher compared to the earlier model,” Ali said.