Voonik Technologies Pvt Ltd, which owns and operates eCommerce platform Voonik, is scouting for more acquisitions in the fashion domain and usually completes a deal within two weeks. The company will make the acquisition from a $20-million Series B fundraise led by existing investor Sequoia Capital in June 2016. While the round saw participation from repeat investor Seedfund, it also attracted new backers including Japanese eCommerce operator Beenos, Singapore-based venture capital fund Beenext, Tancom Investments and Times Internet.
The firm is looking at the acquisition route to add new features or products. Recently, it launched two other fashion platforms, Mr Voonik, an exclusive app for men’s fashion and Vilara, a marketplace for designers and boutiques.
Bangalore-based Voonik is strengthening its leadership in the unbranded fashion segment largely via acqui-hires or team acquisitions of startups in niche fashion offerings. In the last six months, it acqui-hired four startups including Zohraa, an online marketplace for designers and boutiques; online silk store Picksilk.com; Styl, which connects stylists and salons with consumers; and Getsty, a curator of personalised fashion for men. Last year, Voonik acqui-hired virtual dressing room app TrialKart.
The company claims to have 10 million app downloads, more than 12 million registered users, 100 million annual gross merchandise value (GMV) and 13 million revenue rate, reported DealStreetAsia.
Voonik has over 10,000 sellers on its platform and consists of 500 employees in its team including 250 people in its core-team and another 250 are in customer support and backend functions.
Other player which operating in the same space include fashion platform Roposo, secured $5 million in the second part of Series B round from Bertelsmann India Investments (BII). The company had raised $15 million from Tiger Global in the first tranche.
According to a study by IAMAI, Sales of apparel and footwear segments have risen by 52 per cent to Rs 7,142 crore in December 2015 from Rs 4,699 crore in December 2014. The category is expected to reach Rs 72,639 crore by end of 2016.
Talking about competition in the fashion space, Voonik co-founder and CEO Sujayath Ali said, “other sites like Myntra and Jabong are focused on branded space. We offer unbranded stuff where we don’t have much competition.”
The firm is looking at the acquisition route to add new features or products. Recently, it launched two other fashion platforms, Mr Voonik, an exclusive app for men’s fashion and Vilara, a marketplace for designers and boutiques.
Bangalore-based Voonik is strengthening its leadership in the unbranded fashion segment largely via acqui-hires or team acquisitions of startups in niche fashion offerings. In the last six months, it acqui-hired four startups including Zohraa, an online marketplace for designers and boutiques; online silk store Picksilk.com; Styl, which connects stylists and salons with consumers; and Getsty, a curator of personalised fashion for men. Last year, Voonik acqui-hired virtual dressing room app TrialKart.
The company claims to have 10 million app downloads, more than 12 million registered users, 100 million annual gross merchandise value (GMV) and 13 million revenue rate, reported DealStreetAsia.
Voonik has over 10,000 sellers on its platform and consists of 500 employees in its team including 250 people in its core-team and another 250 are in customer support and backend functions.
Other player which operating in the same space include fashion platform Roposo, secured $5 million in the second part of Series B round from Bertelsmann India Investments (BII). The company had raised $15 million from Tiger Global in the first tranche.
According to a study by IAMAI, Sales of apparel and footwear segments have risen by 52 per cent to Rs 7,142 crore in December 2015 from Rs 4,699 crore in December 2014. The category is expected to reach Rs 72,639 crore by end of 2016.
Talking about competition in the fashion space, Voonik co-founder and CEO Sujayath Ali said, “other sites like Myntra and Jabong are focused on branded space. We offer unbranded stuff where we don’t have much competition.”
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