Voonik news and archive

Bengaluru-based online fashion retailer Voonik merges with ShopUp

Voonik has merged with ShopUp. Voonik, based in Bengaluru, is an online fashion retailer. Bangladesh-based ShopUp is a start-up. Voonik’s consumer facing business isn’t part of the merger and it will continue to function in India. ShopUp is a platform that helps businesses go online. It enables e-commerce, store, logistics, sourcing, marketing...

Retail

Etailers aggressively opening brick and mortar stores to boost business

Online fashion retailers like Voonik and Limeroad are now aggressively expanding their brick-and-mortar retail format. Offline expansions are expected to deliver a better connect with customers that could translate into higher revenue contributions. They feel, stores give brands a personality. Voonik operates four kurti stores in Bangalore and...

Retail

Voonik to focus on private labels to boost profits

Bengaluru-based company fashion e-tailor Voonik is now focusing on private labels to boost profits and go public by 2019. Voonik which reported revenue of Rs 117 crore in 2016-17, launched its private label for women six months ago and for men a month ago. They together contribute 10-15 per cent to the revenue. Sujayath Ali, Co-founder, Voonik,...

Fashion

Kids’ wear a new growth driver for Voonik

Voonik, India's first personalization-based shopping platform launched its kids wear collection on November 14. The collection is based on the company's ethos of making fashion accessible and affordable to all and is available on Voonik's website, mobile site and mobile app. The collection is focused on clothes and accessories for children in...

Business

With positive revenue increase, Voonik to scout for external funding

Bengaluru-based fashion marketplace Voonik says it will soon start looking for external funding. This Sequoia Capital-backed online brand aims to become EBITDA profitable by end of this year. Voonik clocked in Rs 116 crore revenue, which is a five-fold increase from last year. As per Registrar of Companies (RoC) filings of fiscal year 2016,...

Retail

Voonik aims to be profitable at ebitda levels by 2020

Bangalore-based fashion etailer Voonik’s aims to be profitable at ebitda levels by fiscal year 2020. The target for 2022 is to surpass a billion dollars gross merchandise value, with the same commission structure. Voonik’s revenues are split equally between men’s and women’s catalogues. In men’s, the big category is footwear, followed by...

Retail

Voonik's loyalty program boosts orders

Online fashion retailer Voonik's subscription-based loyalty program is now contributing almost 25 per cent to its daily orders. As Voonik’s CEO Sujayath Ali explains members are offered free shipping and zero cash-on-delivery charges, and this is likely to contribute 50 per cent of daily orders in the next three months. Unlike Amazon Prime,...

Retail

Voonik, teams up with Truecaller

Fashion marketplace Voonik reached a strategic partnership with communications platform Truecaller. Through this alliance, Voonik has integrated with Truecaller’s True SDK and Truecaller Priority services. The integration will let customers with the Truecaller app installed on their mobile phones easily identify IVR or delivery verification...

Business

Voonik looks to raise funds

Fashion e-commerce portal Voonik is looking for funding. The aim is to break even by the end of next fiscal and achieve a scale big enough to take on competition from larger players. Voonik will close the financial year with revenues of Rs 60 crores, an almost four-fold growth over the last year. The higher revenues this year are mainly because...

Business

Voonik hopes for a turnaround this year

Voonik is looking to turn profitable by 2017. The fashion e-commerce portal, which offers a personalised selection of apparel for customers, is cutting costs, improving efficiency and engaging customers to return to shop on the platform. It has focused on improving user experience and delivery to customers. At the same time, it also has expanded...

Retail

Voonik plans to launch private labels

In the next three months fashion e-tailer Voonik is planning to launch its own private brands. It is presently getting ready by adopting various means such as sourcing of material. Initially, the e-tailer will do private brands on the seller fulfilled model itself. Right now, the e-tailer is trying to figure out which select sellers to choose...

People

Voonik appoints Amazon veteran Raghu Lakkapragada as COO

In order to ramp up its top-management to help transform the company from a start-up to a mature organization, fashion marketplace Voonik has appointed Amazon veteran Raghu Lakkapragada as its Chief Operating Officer (COO). After appointing Prabhakar Sunder, former Finance Head at Myntra, as Chief Financial Officer (CFO), this is the second...