In a recent report, Voonik, the online mass market focused fashion marketplace, is expecting to hit sales run rate of $250 million by the end of March.
Founded by two Amazon executives, Voonik revealed that its business is on the right track to hit profitability while maintaining 10-15% monthly growth.
Currently, on a $100-million GMV run rate, the company has recently expanded into two additional product categories on its platform, which includes premium products category Vilara, menswear offering Mr Voonik, besides its core women focused vertical.
The Bangalore-based startup has already started beefing up its top management team making some huge changes in order to help its team achieve the mark in a highly competitive environment.
It has recently hired a top Amazon India executive Raghu Lakkapragada as chief operating officer (COO), the second senior hire after roping in Myntra CFO, Prabhakar Sunder to lead finance.
Sujayath Ali, the CEO of Voonik said, “Voonik is now transforming from a startup to a mature organisation. We need to become more efficient, predictable and a well-oiled machine. So we have got these set of experienced leaders who have been there, done that, and can take us through this transformation.”
The company has raised $20-million funding, which closed last month, from existing backer Sequoia Capital, Seedfund, Beenos, Beenext, Tancom Investments and Times Internet, the digital product and investment arm of the Times Group.