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 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.
“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]
“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.”