Voonik raises $5 million in Series A funding

BANGALORE, INDIA: Voonik a fashion app has announced that it has raised USD 5 million in Series A funding from Sequoia Capital and Seedfund.

The funding will enable the company to enhance their personalisation and style recommendation technology.

Voonik offers multiple stores on a single platform and lets consumers shop in a single checkout. With over half a million SKUs, Voonik is one of the largest stores of its kind offering apparel, accessories and footwear as well as beauty products.

Voonik launched its mobile app last year, which has grown to 1M+ downloads, and on an average registers close to 2,500 purchases daily from 1,500 unique customers.

Sujayath Ali, CEO and co-founder of Voonik said, “While e-commerce portals have been extremely popular, we have observed m-commerce is increasingly becoming the de facto mode for making transactions. With the ubiquitous smartphone getting cheaper, along with better connectivity, we believe mobile is the future of commerce. 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.

“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 Navneetha in their journey to redefine fashion e-commerce.” said Shailendra J Singh, managing director at Sequoia Capital India Advisors.