FashionAndYou Secures $10M To Boost Its Flash Sales Business

FashionAndYou, flash sales e-commerce company incubated by Smile Group 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 have participated in this round.FashionAndYou

FashionAndYou 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.

The company has been under controversy over the last few years with respect to its UrbanTouch acquisition to exodus to possible deal with Pepperfry.

“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.” [FashionAndYou’s CEO, Aasheesh Mediratta]

Fashion Apparel category is seeing a lot of action over the last few months – right from Amazon’s foray into apparel category to Flipkart acquiring Myntra.

“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.”

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