Voonik raises $3 million from InnoVen Capital

Aiming to meet its marketing costs, particularly towards its television commercials, fashion e-commerce platform Voonik has raised $3 million, which is around Rs 20 crores, in venture debt financing from InnoVen Capital.

Sujayath Ali, the CEO of Voonik, said, “It is funding that we get on our terms, without the need for further dilution. It also allows us to take our time to close the next round.”

Earlier in June Voonik had secured $20 million in a Series B round of funding led by existing investor Sequoia Capital, Beenos and others.

Few new investors entered into the round that included Japanese e-commerce operator Beenos, Singapore-based venture capital fund Beenext, Tancom Investments and Times Internet, the digital product and investment arm of the Times Group.

“We have been in conversations with InnoVen Capital for a long time now, and it’s a strong relationship that has been established over a period. Also, given their strong track record of working with the portfolio companies of our investors, there is a massive comfort factor,” said Ali.

Vinod Murali, managing director, InnoVen Capital India, said, “Voonik is an e-commerce 2.0 company. It’s a leaner version of how e-commerce can be done in India.”

Voonik’s new appointed Chief Financial Officer (CFO), Prabhakar Sunder, who was Myntra’s former Finance Head, is also expected to bring newer strategies with him.

Speaking about him, Ali remarked, “With more than a decade of experience with core e- commerce business platforms, Sunder has a proven track-record of maintaining lean and healthy financial operations and providing strategic guidance to top ventures. We are certain that his expertise will provide the necessary impetus to Voonik s growth.”

Sunder brings over 15 years of experience in capital raising, corporate finance, financial reporting and compliance, and treasury and fund management.

He said, “The focus on personalisation sets it apart in the market as does its efficient business model. I look forward to working with the stellar team at Voonik and to be a part of this exceptional growth story.”