Voonik raises $20 million Series B funding from Sequoia Capital

At a time when the Indian startup ecosystem seems to go slow owing to dried up funding, Bangalore-based fashion app Voonik has surprised everyone by raising $20 million (INR 133 Cr) in a Series B round of funding, which was led by existing investor Sequoia Capital.

Other investors participating in the round were Japanese e-commerce operator Beenos, Singapore-based venture capital fund Beenext, Tancom Investments, and Times Internet, Parkwood Bespin, and Kunal Shah.
Last year in June, Voonik raised $5 Mn in a series A round of funding led by Seedfund and Sequoia. Prior to this, the startup had also raised $390K (INR 2.5 Cr) from Seedfund.

With this fund, the company eyes to strengthen all its three product categories that include premium products category Vilara, menswear offering Mr Voonik, and its core women-focused vertical Voonik.


Sujayath Ali, the co-founder and CEO of Voonik, said, “Within just 3 years of inception, we have become the fastest growing fashion company in India. We have the highest engagement and conversion in the fashion industry. Series A helped us in gaining scale, and now with this renewed investor confidence through Series B, we are all set to consolidate our leadership in fashion commerce.”

“Our other 2 ventures are already paying off – Mr Voonik has crossed 5,000 shipments a day and Vilara is getting good traction from both high-end users as well as from many designers & boutiques. This funding has happened at a very opportune moment,” added Ali.

According to the company, its core app focused on women has seen 8 million app downloads, 10 million registered users, $100 million annual GMV and $13 million annual revenue rate. Its product category Vilara, on the other hand, will be a one-stop place to shop from thousands of premium boutiques and independent designers.

Voonik forayed into premium e-commerce segment with the launch of Vilara earlier this month. It has also acqui-hired three startups, Zohraa, Picksilk.com and Styl, to build the platform. In February 2016, Voonik acqui-hired Getsty, a curator of personalised fashion for men, to boost its men’s fashion app.