December 11, 2017

Voonik Tech raises Rs. 133 Crore from Sequoia Capital and Others

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The Funding News-

  • Voonik Technologies owner and operator of fashion ecommerce platform Voonik raises Rs 133 crore
  • Round led by the existing backer- Sequoia Capital.Seq
  • Seedfund being existing investor also participated in the round along with a bunch of new investors.
  • The new investors are- Beenos(Japanese ecommerce operator), Beenext (Singapore-based venture capital fund), Tancom Investments and Times Internet (digital product and investment arm of the Times Group).
  • In June 2015, company raised $5 million from Sequoia and Seedfund.

 Sujayath Ali, chief executive of Voonik said funds will be used to upgrade all three product categories on its platform viz. Vilara (premium products category), menswear offering Mr. Voonik, women-focused core brand Voonik.

Acquisitions –

In this month firm acquired 3 firms- Zohraatimthumb (marketplace for designers and boutiques), Styl (Salon and spa booking app) and Picksilk (an online silk store).

The investment firms have poured billions in  startups. Now they demand these firms to focus on bottom lines to raise margins and become profitable. Now these startups are struggling to raise fresh capital over the period of last one year. Well it would be early to say the pockets are empty as some fresh ideas have gained traction from VCs in last two months.

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Reading and Writing are most important aspect of a human life. They let you learn and grow in exchange for nothing. Driven by these two spirits and love for entrepreneurship, i like to make people aware of the India's ever growing sector.