Launched in April this year, Mr Voonik a fashion marketplace and app dedicated to men’s fashion has become a go-to platform for today’s fashion conscious men and said that the app has already surpassed its milestone targets for the first 8 weeks of operations.
“We have crossed 6K daily shipments already. Our customers frequently explore the stylists’ picks and give us the proof of concept that men are as style conscious as women and Mr Voonik is the right platform to every man who wants his clothes perfect,” Co Founder & CTO Voonik, Navaneetha Krishnan, told Indiaretailing.
A part of Bengaluru-based Voonik Technologies Pvt. Ltd, Mr Voonik not only offer a wide choice of men’s clothing and accessories, but also saves shopping time for men with highly-coveted personalisation services that are a rarity in this segment.
While most horizontal e-commerce portals like Amazon, Snapdeal, Flikart and various fashion portals like Myntra, Jabong, Limeroad, among others, have full-fledged offerings for men along with women and teenagers, Krishnan foresees a lot of value in having a men-only platform.
“Today you see fashion as just one of the many segments on large online portals. Even there, the collection for men is very repetitive across platforms, with the same deeply discounted last season styles on big brands in men’s collection. But we all know that there is a huge market of unbranded men’s wear that men mostly buy offline. So, yes, the men category is underserved and the opportunity in this segment is huge.”
With over 2 lakh products listed and 3,500 plus sellers available on Mr Voonik already, the fashion marketplace is set to grow exponentially.
“We expect to add another 500,000 products, within the next two months. However, we are more focused on quality than quantity. So we are scaling in a controlled manner, ensuring that every product delivers the quality the customer expects at the time of ordering,” said Krishnan.
Voonik’s core app, which caters to women, has been downloaded 8 million times, has 10 million registered users and has recorded the highest engagement among shopping apps.
The portal recently also entered the premium e-commerce segment – with the launch of Vilara – after acquiring Zohraa, a marketplace for designers and boutiques. With Vilara, the comapny claims to bring over 1000 boutiques in one place.
For now, the company foresees a huge potential in a men’s only marketplace, with other players too joining in.
“Going forward we might see an increased focus on putting men’s and women’s collection separately. Also, men’s ethnic is a category which is bought largely offline. In the coming months we will see a large presence of ethnics for men across all online platforms,” Krishnan concluded.
Voonik Raises $20 million in Fresh Capital
Voonik Technologies, which owns and operates fashion ecommerce platform Voonik, has raised $20 million (Rs 133 crore) in a fresh round of funding on Thursday.
The latest round was primarily led by the Bengaluru-based startup’s existing backer, Sequoia Capital, with Seedfund, also an early backer of the firm, and a clutch of new investors participating as well.
Proceeds from the Series B round will be used towards strengthening all three product categories on its platform, which includes premium products category Vilara, menswear offering Mr. Voonik, and its core women-focused vertical, Voonik.