Voonik, Indian fashion startup based out of Bangalore has raised $20 Million (INR 133 Crores) in Series B funding. The investment round was led by their existing investor, Sequoia Capital with participation from Japan’s Beenos, Singapore’s Beenext, Tancom Investments, Times Internet, Parkwood Bespin, Kunal Shah and Seedfund.
Voonik was launched in 2014 by Navaneetha Krishnan and Sujayath Ali. It is a women centric personal shopping app, giving them options to buy things from various stores.
Speaking on the development, Sujayath Ali, Co-Founder & CEO – Voonik said that within 3 years of operations, they have become the leading fashion startup to come out of the country and now, Voonik has the highest engagement in the country along with a great conversion rate. He further added that the Series A round allowed them to scale and the latest round will be used to strengthen Voonik and its sub product categories.
Voonik has 3 major segments under its umbrella. Vilara, which offers premium products, Mr. Voonik, men focused clothing portal and the main women focused fashion platform, Voonik.
The main app of Voonik has over 8 million app downloads, 10 million registered users, $13 Million annual revenue rate along with over $100 million annual GMV.
Vilara, Voonik’s offering to sell premium products was launched earlier this month. Along with that, it has acquired a number of startups like Zohraa, PickSilk.com, Getsty and Styl.
Prior to the latest round, the startup had raised $5 million in series A round led by seedfund and Sequoia, which was proceeded by $390K investment from seedfund.