Voonik raises $20 million in Series-B funding

Bengaluru-based fashion marketplace Voonik has announced that it 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, eight million app downloads, $100 million annual GMV and $13 million annual revenue rate, it said I a press release. Recently the 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 $500,000 in seed, $6.5 million in series A and $20 million in series B for 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.

Voonik Co-founder and CEO Sujayath Ali 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 teo 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 and boutiques. This funding has happened at a very opportune moment.”

On the supply side, Voonik claims it has over 15 lakh products from more than 15,000 sellers. Voonik has a highly scalable ‘lean’ marketplace business model where it operates without inventory and fulfilment centers, the release said.