Area served India Website www.voonik.com Founded 2013 Headquarters Bengaluru Subsidiaries Dekkoh Ltd., Styl | Industry Ecommerce Customer service 080666 67777 CEO Sujayath Ali (Jan 2013–) Slogan(s) Har Din Fashion Karo | |
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Type of site E-commerce
(Online shopping) Services E-commerce
(Online shopping) Alexa rank 220 : India (June 2016) Founders Sujayath Ali, Navaneetha Krishnan Profiles | ||
Sujayath ali on how they scaled voonik at unpluggd 2016
Voonik is an online marketplace operating in products for women’s fashion.It works on a 10,000 rule algorithm to help users find the right product on the basis of filters like skin tone, body type and preferences. The company is based in Bengaluru, Karnataka.
Contents
- Sujayath ali on how they scaled voonik at unpluggd 2016
- Voonik corporate video
- Background
- Business model
- Technology
- Marketing campaign
- Funding
- Acquisitions
- References
The startup was launched as a personal mobile application, before developing a website.
Voonik corporate video
Background
Voonik was founded in 2013 by Sujayath Ali and Navaneetha Krishnan. The company is based in Bengaluru and has 450 employees, as of June 2016.
According to a report published by VCCircle in June 2016, the e-commerce platform claims to have an annual gross merchandise volume of more than USD 80 million, with over 10 million registered users and 8 million app downloads.
Business model
Voonik claims to work on a 'lean' marketplace business model, under which retail stores register and showcase their products. It operates with no inventory and fulfillment centers. As per a report published in June 2016 in VCCircle, the e-commerce platform claims to offer 15 lakh products from about 15,000 sellers.
Voonik does not carry inventory or manage the delivery of orders. Instead, the online marketplace gathers products from various merchants.
Technology
Voonik plugs in MADstack, a cloud-based suite of computer vision and AI modules to create new experiences for customers with visual recommendation. MADstack contains several modules, including object recognition, gesture recognition, emotion recognition and many more powering a wide range of applications and verticals. This technology enables the online marketplace to recognize several aspects of a consumer’s experience across physical and digital spaces, resulting in suggestions that suit their built, lifestyle, choice and budget.
MADstack is developed by Mad Street Den, a Chennai-based artificial intelligence startup.
Marketing campaign
In January 2016, Voonik launched its first TV ad campaign featuring ace Bollywood director Farah Khan. The campaign was titled Har Din Fashion Karo, aimed at promoting the idea that every day is an occasion to be fashionable.
Funding
Voonik raised funding worth USD 5 million in Series A round of funding from Sequoia Capital and an initial funding from Seedfund. In Series B round of funding, the e-commerce player raised USD 20 million. The round was led by Sequoia Capital with participation from Times Internet, Seedfund, Beenos, Beenext, Parkwood Bespin, Tancom Investments and Kunal Shah.