Indian online fashion platform Voonik receives $20 million in Series B funding

Indian online fashion platform Voonik received $20 million in Series B funding on Friday, led by Sequoia Capital. In addition, Times Internet, Seedfund, Beenos, Beenext, Parkwood Bespin, Tancom Investments, an investment arm of Singapore diesel engine parts & technology supplier Tancom, and FreeCharge CEO Kunal Shah also participated in this round of financing.

Voonik plans to use the investment to improve user experience and strengthen the development of its personalized service engine. It is reported that part of the funds raised will also be used for new product development, including the launch of Mr Voonik, a website that provides fashion services for men, and Vilara, an affordable luxury design e-commerce platform that provides services for boutique merchants and independent designers.

After this round of financing, the company's total financing amount has reached 27 million US dollars. Voonik has previously completed two rounds of financing: a $500,000 seed round and a $6.5 million Series A round.

Voonik also acquired Bangalore-based Styl, a startup that allows users to easily book appointments at hair salons and spas through the Styl App. Last September, Styl raised $110,000 in angel funding from a group of anonymous angel investors.

Voonik was founded in August 2015. It is a non-branded fashion e-commerce startup that currently has 10 million registered users and 8 million app downloads. On the supply side, Voonik has more than 1.5 million products and more than 15,000 sellers on the platform.

Sujayath Ali, co-founder and CEO of Voonik, said: "In just three years, we have become the fastest growing fashion company in India. In the fashion industry, our user engagement and user conversion rate are the highest. The other two platforms we invested in have also paid off: Mr Voonik, a men's fashion platform, has more than 5,000 shipments per day, and Vilara, a light luxury e-commerce platform, is also very competitive, with a large number of talented designers, boutique merchants, and high-end users. This investment happened at a very appropriate time."