India e-commerce firm FashionAndYou bags $10 mln

FashionAndYou has closed $10 million in funding. The investors were Sequoia Capital, Smile Group, Norwest Venture Partners, Intel Capital and Nokia Growth Partners. Based in India, FashionAndYou is a flash e-commerce site.

PRESS RELEASE

New Delhi, June 9, 2014: FashionAndYou, India’s leading flash sales e-commerce company incubated by Smile Group, today announced that it has raised an additional round of 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 this round.
FashionAndYou, a leader in flash retail model in India, retains its DNA of freshness and value and offers 15 new daily sales wherein one can find marquee brands at attractive price points. The company recently announced that it has crossed 5.5 million members, thus securing its position as the undisputed market leader within this space.
On the news of the fund raise, FashionAndYou’s CEO, Aasheesh Mediratta 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.”
Sharing an insight into business, he mentioned, “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.”
Presently, Women shoppers contribute to 70% of sales at Fashionandyou.com and this figure is expected to burgeon 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. Fashionandyou is committed to capitalise on this growth matrix considering that the estimated growth for the online fashion and lifestyle industry is pegged at $15 Bn by 2020. The rising trend of impulse purchases is likely to favour the company’s flash retail model and merchandising strength, thus helping it in capturing a sizeable share of the pie.
About FashionAndYou:
As India’s leading online flash website fashionandyou.com is a leader in Fashion & Lifestyle space.fashionandyou.com has partnered with high fashion and premium brands across fashion apparel, designer wear, handbags, footwear, watches, jewellery, fragrances and home décor. It holds 15+ new sale events per day on www.fashionandyou.com.
Fashionandyou.com boasts of one of the biggest social media footprints for e-retailers in India with a million plus fan base on Facebook. It is the first e-commerce website to achieve this milestone in the fashion and lifestyle segment worldwide.
Since its inception, fashionandyou.com has grown at a remarkable pace with almost 5.5 million members and growing in its 3 years of operation. It delivers to over 10000 pin codes pan India and distribution centers in north and west India. The goal of the campaign is to highlight the fact that fashionandyou.com has over 15 new sales every day, enabling their customers to choose from a large variety of fashion and lifestyle products at up to 80% off.

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