FashionandYou.com Raises $10 Million From Investors

FashionandYou.com, one of India's earliest e-commerce ventures, has said it raised $10 million (Rs 59 crore) in equity funding from investors - both new and existing.

The venture's existing risk capital investors, including Sequoia Capital, Norwest Venture Partners, Intel Capital and Nokia Growth Partners, participated in the Series D round of funding. The company did not disclose the name of the new investor. However, as per reports, it could be the investment arm of New York Stock Exchange-listed Chinese discount retail specialist VIPshop.

Smile Group, which owns and operates FashionandYou.com, has also invested in the fashion portal.

"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," said Aasheesh Mediratta, chief executive of FashionandYou.com.

FashionAndYou.com claims it has more than 5.5 million members, with women shoppers contributing about 70% to its sales. It also claims to deliver to more than 10,000 pin codes across the country. It was founded by Harish Bahl and Pearl Uppal in 2010.
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