New Delhi: E-commerce firm FashionAndYou announced that it has raised funding of about $10 million (Rs 60 crore) from its existing partners like Sequoia Capital and Smile Group and a new investor.
Its present round of funding saw participation from the existing investors — Sequoia Capital, Smile Group, Norwest Venture Partners, Intel Capital and Nokia Growth Partners.
“We will utilise proceeds in marketing, strengthening the tech platform and improving distribution. The funds will also help strengthen our inventory light business model, acquire more customers to bolster our flash sale dominance and build a more cohesive brand,” said, Aasheesh Mediratta, CEO, FashionAndYou.
He, however, declined to name the new investor on-board. Mediratta said, the company is looking at setting up two more delivery centres, in Surat and Bangalore, to increase the efficiency, in addition to its existing centre in Gurgaon.
Besides, the company plans to bring in a mobile app for the Android platform by September to cash in on the burgeoning number of smartphone users shopping using their handheld devices