Smile Goup’s flash sales e-commerce company FashionAndYou has raised a funding of USD 10 million from both new and existing investors. Sequoia Capital, Smile Group, Norwest Venture Partners, Intel Capital and Nokia Growth Partners are believed to have participated in the round.
Commenting on the development, Aasheesh Mediratta, CEO, FashionAndYou, said: “We have overcome a challenging phase in the last one year and streamlined operations resulting in a lean and efficient organisation. The new funds will help strengthen the technology behind our inventory light business model, acquire more customers to bolster our flash sale dominance and build a more cohesive brand.”
He further added: “While majority of our business comes from women’s ethnic wear and fashion apparel categories followed by fashion accessories, footwear and home & living, the focus remains on expanding differentiated supply in the key categories and further strengthening international alliances.”
According to the company officials, FashionAndYou offers 15 new sales daily.
Mediratta stated that presently, women account for 70 percent of sales at Fashionandyou.com and the figure is expected to grow in the coming times. Industry estimates suggests that woman will catapult the Indian online shopping industry to a growth gradient of 6 times over the next 3 years. The estimated growth for the online fashion and lifestyle industry is pegged at $15 Bn by 2020.