Voonik secures $5 million from Sequoia Capital and Seedfund. Voonik Technologies Pvt Ltd operates the portal Voonik deals with apparel and lifestyle accessories from multiple third party online stores.
The company has developed in house personal shopping platform which make recommendations to shoppers based on their preferences. Bengaluru based Voonik is one of India’s fastest growing fashion shopping apps for women. They have developed a platform where customers can buy fashion products that suit their preferences keeping in mind their body type, personality, lifestyle and budget.
Voonik offer multiple stores option on their platform and customers can check out with a single checkout. The company has about half a million stock keeping units offering apparel, accessories and footwear along with beauty products.
Voonik launched their mobile app last year in Google Play Store. Almost 1+ million downloads have been done by the users and the app got healthier 4.2 rating on the store. The company has hired team of people working at leading technology companies and alumni from top engineering and management institutes across the country. These are apart from four stylists on board with a team of 30 working on product technology and a team of 30 on support and operations.
Voonik is different from other online fashion portals, the company has made it personal like where stylist can suggest users whether the picked up product will suit them or not. This is the unique selling point of the Voonik.
Due to this concerted efforts Voonik is generating lot of business through their app and web playing secondary channel of sales for the company. They consider adding some more features to their app to give better conversion rate compared to their website.
Voonik is generating 2,500+ purchases on a daily average from 1,500 new customers. Majority of these sales are through mobile app. One of the factors of the Voonik app is better user interface and use experience when compared to their website.
There is an advantage going for an app where the company can push any number of notifications that can create interest in customer for value additions. Voonik was founded in 2013 by Sujayath Ali and Navaneetha Krishnan. Sujayath Ali is the Chief Executive Officer of the company. He has graduated in Bachelor of Engineering in Computer Science from Mepco Schlenk Engineering College in 2001. He went to do his Master of Business Administration in Technology and Finance from Indian School of Business in 2005.
Sujayath has awarded with Amazon’s Inventor Award in 2010 and Star Award from iNautix Technologies in 2003. He had three patents under his belt. He started his career in iNautix Technologies as senior software development engineer in 2001. He was responsible for developing order routing mechanisms, trading platforms, performance tuning software and communication interfaces for stock exchanges. He worked till April 2004 for 2.8 years.
Sujayath joined Amazon.com in 2005 as product manager; he was responsible for Amazon payments merchant solutions apart from handling risk management for Amazon payments. He has two patents in his name for Instant Pay feature and Express Lane Checkout by Amazon. In February 2009 he was promoted as Senior Product Manager in Amazon. After long stint in Amazon of 6 years he joined Visa as Vice President – Head of Visa Checkout Merchant Program in October 2011. He owned product strategy, roadmap, feature definition and go to market strategy for Visa Checkout apart from this he launched Visa Checkout product to the market. He worked with the company till December 2012 after tenure of 15 months.
In January 2013 Sujayath along with Navaneetha Krishnan cofounded Voonik. The company was incubated by Microsoft Ventures. Navaneetha Krishnan is Chief Technology Officer of the company. Like Sujayath he has studied in Bachelor of Engineering in Computer Science from Mepco Schlenk Engineering College in 2001.
Navaneetha started his career as Lead Developer in Zoho Corporation in 2001. He worked for Zoho for 7 years and became Tech Lead in Narus Networks for 15 months period. In September 2009 he joined Aryaka Networks as Technical Architect. He worked with Aryaka for 25 months and moved to Freshdesk as Principal Developer. He worked till end of 2012 and co founded Voonik.
Voonik was seed funded by Seed Fund for $500K in 2014 and got a major funding of $5 million of Series ‘A’ funding from Sequoia Capital and SeedFund on June 9, 2015. The funds will be used to enhance personalisation and style recommendation technology of Voonik. They are planning to launch iOS version of their app in next few months.
After the funding Sujayath Ali, Chief Executive Officer of Voonik said “With this funding, we will be focussing on innovations that would enhance our mobile platform and provide an unmatched shopping experience to our users. We are glad to partner with Sequoia and Seedfund, and are certain that their combined experience and knowledge will help us build a strong company.”
Shailendra Singh, Managing Director of Sequoia Capital said “Voonik is a next generation business model that has created a ‘lean marketplace’ for fashion that allows users to discover personalized apparel from dozens of other e-commerce sites. So people can shop on the Voonik app and mix and match from styles and SKUs across other sites like Jabong, Fashionara, Zovi, and so on. This allows Voonik customers to get personalized recommendations from across e-stores in a single app. This is resulting in terrific user engagement, retention and growth at Voonik. We are delighted to partner with Sujayath and Navaneetha in their journey to redefine fashion e-commerce.”
These days’ online Fashion portals are attracting lot of investor attention. Clovia raised $4.7 million funds from IvyCap Ventures and KAARYAH Lifestyle Solutions P Ltd secured undisclosed amount from Ratan Tata, Chairman Emeritus of Tata Sons. Yebhi.com and Amazon along with Flipkart’s Myntra is offering competition to this new online fashion business.