Flipkart might have a strong grip on fashion e-commerce at the moment with Myntra and Jabong under its belt. However, that is not deterring other startups in the same segment. Voonik, backed by Sequoia, recently disclosed that the startup is eyeing profitability soon with 10-15% monthly growth.
According to an ET report, Voonik is estimating sales revenues of $250 million by the end of this fiscal. Moreover, a more significant development is the recent surge in top level hiring by Voonik to strengthen its top management.
It recently scooped up a senior executive from its rival Myntra by hiring their CFO Prabhakar Sunder to lead finance department in Voonik. Now, the company has roped in another high-profile executive- this time from Amazon India.
Raghu Lakkapragada was with Amazon for over a decade. He has joined Voonik as Chief Operating Officer. There is a specific reason why Voonik specifically brought Raghu on board.
Raghu has been instrumental in setting up the seller-fulfilled business for Amazon India from scratch. Voonik also operates on a similar model. It does not do its own fulfillment making Raghu an ideal and crucial hire to scale up its business.
Talking about these developments, CEO Sujayath Ali said,
Voonik is now transforming from a startup to a mature organisation.We need to become more efficient, predictable and a well-oiled machine. So we have got these set of experienced leaders who have been there, done that, and can take us through this transformation.
Notably, Voonik is currently recording a $100 million GMV run rate. It recently expanded its product categories by introducing two new categories. One is a premium product category called Vilara while the other is a menswear segment called Mr. Voonik.
These latest changes clearly show that Voonik is slowly moving from its core women fashion segment to a full-fledged fashion platform.
Recently, it closed a $20 million funding round led by Sequoia and Beenos followed by a $3 million round by InnoVen Capital. Earlier this year, the firm also made three acquisitions to launch its premium fashion category Vilara.