Indian fashion app Voonik raises $5m from Sequoia, Seedfund

The company's platform presents customers with personalized recommendations based on their profile and preferences. Voonik serves as an aggregator for multiple online retailers, though it operates its own checkout system. Customers can order online or through an Android app.

Founded in 2013, Voonik process 2,500 orders per day from 1,500 unique customers. Its co-founders told YourStory that they will use the new funds to improve the company's personalization and recommendation technology. Voonik will also launch its iOS app next month.

India's online fashion retail space has become increasingly crowded as the country's e-commerce boom continues, with corresponding interest from investors. Notably, industry giant Flipkart - which has itself received substantial PE backing - last year acquired Myntra to deepen its exposure to the fashion vertical.

Also last year, online discount fashion retailer FashionandYou raised $10 million in Series D funding, while Germany's Rocket Internet added Indian e-commerce platform Jabong to its emerging-markets focused Global Fashion Group.

Seedfund provided INR22.5 million ($360,000) in seed funding to Voonik last year. The firm is one of several seed funds that have been active in providing early stage capital to India's tech start-ups. Its typical investment size is between $250,000 and $1.5 million.

Sequoia is currently investing out of its fourth India fund, which closed at $530 million in May 2014. It focuses on venture and early growth investments in India and Southeast Asia, considering investments between $100,000 and $50 million.

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• Topics
• South Asia
• Consumer
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• Early-stage
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• Sequoia Capital
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