This Bengaluru based online marketplace Voonik operating in products for women’s fashion has received ₹65 Lakhs from existing investor Sequoia Capital. The amount is the first part of Series B round that commenced in December 2017.
In December 2017, RB Investments, Seedfund, and Sequoia Capital invested ₹7.37 Cr in Voonik. The shares were issued at a premium of ₹4,149/-, same as the current raise but much less than the previous round which saw the participation of RB Investments alone.
Sequoia has invested in both fundings round happened in March & December from its Sequoia Capital Investments IV fund.
The current private placement offer covers an investment by Sequoia Capital of ₹1.3 Cr in funding, which indicates that the current allotment of ₹65 lakhs is the first tranche, covering 50% of the total investment. Filings indicated that the company, Voonik Technologies Private Limited has allotted 1,530 Series B preference shares of ₹100/- at a premium of ₹4,149/- each on February 15, 2018.
Interestingly, Voonik, which reported a revenue of ₹17.81 Cr for FY 2016 (against total expenses of ₹102.35 Cr) has yet to file its annual returns for FY 2017. Myntra reported revenue of ₹1068.85 Cr (against total expenses of ₹1884.98 Cr) for the same period (FY 2016).
There is a drastic change in the hiring of Voonik from 450+ to around 400 employees in the last 12 months. This company seems to be focused on cost-cutting measures rather than large-scale downscaling, given that they’ve made some key hires such as Manash Ray, their Vice-President of Engineering, who joined Voonik in September 2017.