Voonik raises USD 20 million from Sequoia, others in latest round of funding

Voonik raises USD 20 million from Sequoia, others in latest round of funding
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Fashion venture Voonik has raised $20 million up in its latest Series-B financing round, driven by Sequoia Capital. Firms like Times Internet, Seedfund, Beenos, Beenext, Parkwood Bespin, and Tancom Investments, along with Freecharge’s Kunal Shah also took part in the round.

A month back, Bengaluru-based Voonik announced acquistion of three new businesses in the design space—Zohraa, Styl and Picksilk—to enter the premium e-trade section.

Before these, Voonik likewise acquired and contracted TrialKart, Getsy and a group from attire rental start-up Klozee. Mint reported that a group of around twelve individuals at Klozee were employed by Voonik a month ago.

Earlier in the month, TIO reported that Voonik also acquired three new startups to build its premium fashion product Vilara, namely Zohraa-an online marketplace for designers and boutiques, silk store Picksilk.com and Styl, which connects stylists and salons with consumers.

It is reported that the funds raised will be utilised towards scaling every one of the three item classes on its portfolio, which incorporates premium items classification Vilara, menswear offering Mr. Voonik, and its ladies centred vertical, Voonik.

The platform expects an annual revenue rate of USD 13 million and USD 100 million,with over 15  lakh products from more than 15,000 sellers on the supply side.

However, the company declined to comment on any financial details of the transaction.

About the author

Shashwat Goel

Shashwat is an engineer by qualification. Even though he has a comprehensive Technology background, he has keen interest in Business Development and Marketing. His emphases is learning more of new technology, meeting new people and blend that technology with day to day changing Business activities. Apart from defining the strategy of TIO, he brings along his experience in defining, managing and running the organization. He loves exploring, reading, travelling and movies among other things.

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