Voonik raises $6 million from Sequoia, RB Investments
India's fashion etailer Voonik has raised $6 million (Rs40 crore) from Singapore-based RB Investments and existing investor Sequoia Capital, two people aware of the development told a leading financial daily.
The latest round is follow-on to its Series B round of $20 million in July, led by Sequoia Capital, one of the two people cited above, requesting anonymity.
“RB Investments has invested close to $4 million in this round, while existing investor Sequoia has put in around $2 million,” said the first person. The funds will be utilized to scale up its men’s and premium segments, which were launched last year, he added.
The company had raised a $5 million Series A round of funding from Sequoia India and early-stage investment fund Seedfund in 2015.
The company competes with social commerce fashion portal Limeroad, besides larger rivals Myntra, Jabong, Amazon, Flipkart and Snapdeal.
E-commerce sales in India are expected to grow from $14 billion in 2015 to $55 billion in 2018, according to a report in December 2015 by marketing research firm eMarketer.
In June last year, Voonik announced the acquisition of three start-ups in the fashion space—Zohraa, Styl and Picksilk—to enter the premium e-commerce segment.
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