FashionAndYou raises $10 million

NEW DELHI: FashionAndYou, an e-commerce company incubated by the Smile Group, said on Monday it raised $10 million in a fresh round of funding from new and existing investors.

Sequoia Capital, Smile Group, Norwest Venture Partners, Intel Capital and Nokia Growth Partners are believed to have participated in the latest round. FashionAndYou chief executive Aasheesh Mediratta said the company has streamlined operations in the past one year and has become lean and efficient.

"The new funds will help strengthen the technology behind our inventorylight business model, acquire more customers to bolster our flash sale dominance and build a more cohesive brand," he said.

The company recently announced that it had crossed the 5.5-million-member mark, securing its position as the market leader in fashion ecommerce. The Smile Group is a privately held group of ventures focused on the digital industry, with holdings in the consumer Internet and media segments.

While a majority of its business comes from women's ethnic wear and fashion apparel categories, FashionAndYou's "focus remains on expanding differentiated supply in the key categories and further strengthening international alliances," Mediratta said. Currently, women account for 70 per cent of sales on fashionandyou.com.