Voonik is an online marketplace operating in products for women’s fashion.It works on a 10,000 rule algorithm to help users find the right product on the basis of filters like skin tone, body type and preferences. Voonik was founded in 2013 by Sujayath Ali and Navaneetha Krishnan. The company is based in Bengaluru and has 450 employees, as of June 2016. The e-commerce platform claims to have an annual gross merchandise volume of more than $ 80 million, with over 10 million registered users and 8 million app downloads.
As per the latest update on the startup, Bangalore-based fashion app Voonik has secured $20 million in a Series B round of funding led by existing investor Sequoia Capital, Beenos and others.
While talking about the development, Sujayath Ali, co-founder and CEO, Voonik, mentioned,
“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 2 ventures are already paying off – Mr Voonik has crossed 5,000 shipments a day and Vilara is getting good traction from both high end users as well as from many designers & boutiques. This funding has happened at a very opportune moment.”
This funding round also saw participation from Japanese ecommerce operator Beenos, Singapore-based venture capital fund Beenext, Tancom Investments, and Times Internet, Parkwood Bespin, Seedfund and Kunal Shah.
As per the sources from the startup, funding will be used towards strengthening all three product categories on its platform, which includes premium products category Vilara, menswear offering Mr. Voonik, and its core women-focused vertical Voonik.