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EkAnek Networks has raised $5.four Mn from Alpha Wave Incubation, a $300 Mn fund managed by Falcon Edge Capital
The corporate’s current traders, Sequoia Capital India, Lightspeed India and Matrix Companions India additionally participated within the spherical
EkAnek runs Cunning, a personalised magnificence utility, and Cunning Stay, a dwell streaming social commerce platform
Delhi-based ecommerce startup EkAnek Networks has raised $5.four Mn in a funding spherical led by Alpha Wave Incubation, a fund price $300 Mn anchored by Abu Dhabi’s state entity, the Abu Dhabi Developmental Holding Firm (ADQ), and managed by New York-based enterprise capital fund Falcon Edge Capital. The funding was first reported by MoneyControl.
The corporate’s current traders, Sequoia Capital India, Lightspeed India and Matrix Companions India additionally participated within the spherical.
Kartik Sheth, founding father of EkAnek stated in an announcement: “We are very excited to announce this fundraise; the faith reposed by marquee investors in EkAnek is a great validation of the idea and the team behind this venture. UAE is an exciting and evolved beauty & grooming market.”
Launched in 2018 by Chadranshu Sinha and Kartik Sheth, EkAnek raised seed funding price $10 Mn final 12 months. The spherical was led by Sequoia Capital India, with Matrix and Lightspeed additionally investing.
EkAnek runs Cunning, a personalised magnificence utility. The corporate claims that Cunning is India’s first magnificence and grooming social commerce app for each women and men. Prospects can uncover expert-recommended make-up, haircare and skincare merchandise, amongst others on the platform by means of movies.
One other of EkAnek’s merchandise is Cunning Stay, a live-streaming social commerce platform for manufacturers and influencers.
EkAnek additionally permits manufacturers to arrange their very own direct-to-consumer ecommerce platform, the place manufacturers can leverage Cunning’s know-how and logistics modules to allow providers like warehousing, delivery, curation, advertising and marketing and video commerce.
Within the social commerce section, EkAnek competes with BulBul, SimSim and Store101, amongst others.
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