Another Funding for Voonik

Who invested in whom?

Voonik, a fashion e-commerce portal owned by Voonik Technologies has secured another $3 million from Temasek-backed InnoVen Capital. Previously the company had secured $20 million in its equity funding round.

What will be the funds used for?

The company has already secured its $2 million raised funding money in its previous equity round and is now expecting the remaining amount (i.e $1 million) to be transferred to the company’s account within the next week. In previous funding, the company acquired $20 million in Series B funding from investors like Sequoia Capital, Seedfund, and Beenos among others too. This funding was used to strengthen all products across all three platforms – Vilara, Voonik and Mr. Voonik. The new funding will be utilized for advertising campaigns, especially the television commercials.

About the Company

The company was founded by Navaneetha Krishnan and Sujayath Ali in the year 2013. The company resembles to be India’s first stylist- handpicked fashion portal. The company helps to provide personal shopping experience within customer’s respective budget. Moreover, to increase their range of products, the company has already acquired three startups; Zohraa, Picksilk, and Styl.

About the Investor

InnoVen Capital is well known in Indian startups ecosystem and has invested large sums of money in online food delivery company, Faasos; a healthcare startup Practo; and Zoomcar which provides online car rental services. It has also backed ed-tech startup, Byju’s, which will use these funds for international expansion.

What do you think about this funding to Voonik? Kindly share your thoughts in the comment section below.

Takeaways:-

• Voonik, a fashion e-commerce portal owned by Voonik Technologies secures another $3 million from Temasek-backed InnoVen Capital.
• The company has already secured its $2 million raised funding money in its previous equity round and is now expecting the remaining amount (i.e $1 million ) to be transferred to the company’s account within  the next week.
• The new funding will be consumed by marketing costs of advertising campaigns, especially towards the television commercials.

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