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Online fashion souk ‘Voonik’ acquires three online marketplace startups to create its finest fashion product ‘Vilara’


2016-06-07 Silicon Review

Popular for encouraging curated fashion, Sequoia Capital-backed fashion souk Voonik is creating a buzz by acquiring three startups to build its premium fashion product known as Vilara.

In the past six month, the company has acquired five startups. And also has raised $5 million last year, from Sequoia Capital and SeedFund. It claims to have achieved a $100-million run rate and is aiming to grow four-fold in GMV by the end of this fiscal.

With the acquisition the company is attempting to strengthen its leadership in the unbranded fashion segment, largely via acqui-hires or team acquisitions of startups in niche fashion offerings. The three acquired companies are online marketplace for designers and boutiques Zohraa, which has a 12-person team, the eight-person team at online silk store Picksilk.com and the nine-person team at Styl, which connects stylists and salons with consumers.

Acquisition made by the company a month back- The company acqui-hired menswear focused fashion portal Getsy leveraging on whose expertise; Voonik forayed into the menswear segment with its app, Mr Voonik. It also lapped up four people from the ten-member team from online apparel rental startup Klozee, which shut down its operations approximately six months back.

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