Fashion And You, an invitation based online apparel retailer has raised $40 million (Rs 202.3 crore.) in a funding round participated by Norwest Venture Partners and Intel Capital including Sequoia Capital India and Nokia Growth Partners.
The company will use the fund for growth initiatives, including acquisitions, starting new business categories, as well as accelerating its growth in existing categories and geographies. Fashionandyou, the online private shopping venture run by Smile Group Venture and Goldsquare Sales India, plans to also use the fund to recruit new members for improving supply chain and distribution channels.
Last year, Fashion and You had raised $8 million from from Sequoia Capital India that also participated in this round of funding. Fashion and You, incepted in 2010 led by former Yahoo India Sales Director Pearl Uppal, and was backed by Group Buying Global AG and Smile Interactive founder Harish Bahl. The site claims to have 2.7 million members. It allows registered users to avail time bound deals from designers at significant discounts.
Speaking more about investment Pearl Uppal, the CEO of the company said, Pearl Uppal, Co-founder and CEO, FashionAndYou.com, said, “We are very excited about each of the partners we’ve chosen and the opportunities this financing creates, as we continue to expand into additional categories, and make strategic acquisitions to complement existing business lines. With more than 2.7 million members, we already deliver millions of packages to consumers each year. With this new capital, we have everything we need to exploit the opportunities offered by this vast and rapidly-growing market and to develop fashionandyou.com into a world-class e-commerce powerhouse.”