Voonik enters premium e-commerce segment, acquires three start-ups
The acquisitions will strengthen Voonik’s offerings in technology and product
New Delhi: Voonik Technologies Pvt. Ltd that operates the fashion app Voonik on Monday said it has entered the premium e-commerce segment with the acquisition of Zohraa, a marketplace for designers and boutiques. The segment will be called Vilara.
The Bengaluru-based company has made two more acquisitions—Styl and Picksilk—to strengthen its core offerings in technology and product. The company did not disclose the size of the deals, which are acqui-hires.
The development was first reported by The Economic Times on Monday.
Zohraa was founded in June, 2012 and sells ethnic wear and designer wear products. It currently has a team of 12 members. Styl was founded as a platform to connect salons and stylists and consumers. It has a team of nine members.
Picksilk has a team of eight members.
Voonik says its core app which caters to women has 8 million app downloads, 10 million registered users and the highest engagement among shopping apps. In contrast, Vilara will be a one-stop place to shop from thousands of premium boutiques and independent designers.
“We are very excited about Vilara and the idea of bringing over 1,000 boutiques in one place. We have been able to acqui-hire a talented bunch of entrepreneurs, with the right expertise to help us strengthen the Vilara offering,” said Sujayath Ali, chief executive officer, Voonik. Voonik was founded in 2013 by Sujayath Ali and Navaneetha Krishnan.
The company last announced a fund raise of $5 million in Series A round of funding from Sequoia Capital and an early stage investment fund Seedfund.
With these acquisitions, the company has got a significant advantage in entering the segment of premium consumers, who are willing to pay for high quality, unique lifestyle products. Vilara will cater to both fashion as well as home categories, the company said.
Voonik recently acqui-hired TrialKart, Getsy and a team from apparel rental start-up Klozee. Mint reported that a team of a dozen-odd people at Klozee was absorbed by Voonik last month .
On the supply side, Voonik has over 1.5 million products from more than 10,000 sellers.
Editor's Picks »
- Hindustan Zinc dividend payout offsets dull Q2 results
- Q2 results no blockbuster for Inox Leisure as margins disappoint
- NBFC scare shaves 8.5% of IndusInd Bank share price
- Q2 results portent a dull Diwali for paint stocks investors
- Reliance Jio seen overtaking Vodafone Idea, Airtel to become India’s largest telecom firm by 2018-end