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 now Voonik has its own marketplace as compared to the previous year when it was operating as an affiliate. The commission it earns is higher compared to the earlier model.

Voonik, founded in 2013, operates a fashion e-commerce marketplace without any inventory of its own and fulfillment centers. It works with around 20 logistics companies which pick up orders from suppliers and deliver to customers.

Voonik caters to women and Mr Voonik is a dedicated platform for men’s wear. Both are operated separately with different apps and websites. Till now, Voonik has seen over 17 million app downloads, of which 30 per cent is from male customers.

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 has also has the number of sellers on its platform to offer more choices to young customers who look at everyday fashion.