Voonik bags funding boost

Online fashion aggregator Voonik has raised 5 million dollars (around Rs 32 crores) in first round of funding from Sequoia Capital and Seedfund. The company statement said that the Series A funding will enable it to enhance its personalisation and style recommendation technology.

Founded in 2013, Chennai-based Voonik, set up by former Indian School of Business alumnus Ali and Navaneetha Krishnan, offers handpicked outfits for customers, based on their body type and style preferences from across the web. The portal offers over 5,000 women's products from different online retailers including Zovi, Fashionara, Jabong and Myntra. Voonik receives a 10-15 percent commission from these fashion portals for each product they direct to the website.

Keeping in mind that the Indian ecommerce market is around 13 billion dollars (over Rs 80,700 crores) and will quadruple in the next 5-6 years, Voonik had raised a seed round of Rs 2.5 crore last year.