Fashion and You, one of India’s leading youth centric multi brand online retailer that has recently raised $40 million (Rs 202.3 crore.) in a funding round participated by Norwest Venture Partners and Intel Capital including Sequoia Capital India & Nokia Growth Partners. The fund raised by fashionandyou.com is one of the biggest investments in an e-commerce company in the recent times. In order to gain more information about funding and its allocations, iamwire interacted briefly with Harish Bahl, Founder & Chairman, Fashion and You. Here are the excerpts of the interaction.
Fashion and you raised $ 40 million from Norwest Venture Partners & Intel Capital including Sequoia Capital India and Nokia Growth Partners. Tell us how fund raised would be used and which areas would be stressed upon?
Fashionandyou.com will use the funds for its growth initiatives, including acquisitions, starting new business categories, as well as accelerating its growth in existing categories and geographies. The new capital will enable fashionandyou.com to further accelerate its member acquisition strategy and solidify the supply chain and distribution mechanism to provide best in class service to its 2.7 million and growing member base.
Fashion and You official statement indicating that acquisition and debut in other categories would be strategies including others for extended growth. Please throw some light on both acquisition and categories expansion.
We recently launched the Fashionandyou junior which would be catering to kids, babies, busy parents, and moms-to-be, this shop is filled with fabulous apparel, travel accessories, toys, essentials, and more, tailored to families and their growing needs. Catering to all occasion fashionandyou has also launched the Wedding Shop, and this section showcases the best deals from the most coveted brands, and designer wear from across India and world over. We are looking at expanding and making fashionandyou.com a one stop shop destination for consumers for a 360 degree shopping experience given the surge in e-commerce in India, given the increase in internet penetration in the country and given the growing trend of online shopping in India.
Fund raised by Fashion and You is one of the biggest investments in an e-commerce company in the recent times. How do you see the deal and its impact on entire eCommerce ecosystem?
Fashionandyou.com has only begun to scratch the surface of what we can offer global and Indian brands as they race to connect with the Indian consumer. The e commerce market is growing at the rate of 70% annually in India. This investment deal with fashionandyou.com would further enhance the market.
Looking at status quo of eCommerce (excluding travel), according to you what would be the outlook of eCommerce in India in 2012?
As per Associated Chambers of Commerce and Industry of India (ASSOCHAM) the market size of eCommerce industry is expected to be Rs 46,520 crore by December 2011, where in 6 per cent from the total would be product purchases. In the near future India is poised to be one of the top eCommerce hubs by 2012.