AVCJ

India's FashionandYou raises $10m Series D round from VCs

  • Andrew Woodman
  • LinkedIn  
  • Google plus  
  • Save this article  

Indian discount e-commerce fashion site FashionandYou.com has raised $10 million from new and existing investors in a Series D round of funding including Sequoia Capital, Smile Group, Norwest Venture Partners, Intel Capital and Nokia Growth Partners.

FashionandYou claims to be the leading the flash retail site in India. The company holds 15 new sales a day whereby premium fashion brands can be bought at a significant mark down for a limited amount of time. The company claims it already has 5.5 million members on its website.

"We have overcome a challenging phase in the last year and streamlined operations, resulting in a lean and efficient organization," said Aasheesh Mediratta, CEO of FashionandYou, in a statement. "The new funds will help us strengthen the technology behind our inventory light business model, acquire more customers to bolster our flash sale dominance and build a more cohesive brand."

Currently,women shoppers contribute to 70% of sales at Fashionandyou.com and that figure is expected to grow. The company estimates that the online fashion and lifestyle industry in india will reach $15 billion by 2020.

The fundraising comes at a time when the Indian e-commerce sector is in the midst of consolidation. Another VC-backed online fashion site, Myntra.com, was recently acquired by e-commerce giant Flipkart for around $300 million last month.

  • LinkedIn  
  • Google plus  
  • Save this article  

More on South Asia

Latest News

world-hands-globe-climate-esg
Asian GPs slow implementation of ESG policies - survey

Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...

  • GPs