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Voonik Turns Worthwhile In FY20 After Merger With Bangladesh’s ShopUp

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In FY19, Voonik had reported a lack of INR 17.Three Cr, but it surely appears to have curbed bills considerably in FY20

On the similar time, the corporate’s income doubled from INR 21.45 Cr to INR 44.76 Cr in FY20

Voonik had merged with Bangladesh-based social commerce platform ShopUp in February

In one of many standout M&As this 12 months, ecommerce startup Voonik had merged with Bangladesh-based social commerce platform ShopUp in February. And now, in its financials for the fiscal 12 months 2020, Voonik has reported a web revenue of INR 28.90 Cr, because it lower prices within the lead as much as the merger, which passed off throughout the FY. 

In FY19, the corporate had reported a lack of INR 17.Three Cr, however provided that it was in talks for a merger, it could have rationalised many prices.  On the similar time, the corporate’s income has doubled from INR 21.45 Cr in FY2019 to INR 44.76 Cr within the monetary 12 months ending March 31, 2020.

The corporate spent INR 15.99 Cr in FY20, lower than half of the INR 39 Cr it spent in FY2019. Among the many main bills have been worker profit prices (INR 5 Cr), purchases of inventory (INR 3.82 Cr) and unsurprisingly given the merger, authorized {and professional} charges (INR 3.16 Cr), Monetary Categorical reported citing the corporate’s filings.

In February, Voonik had merged with ShopUp, with Voonik founders Sujayath Ali and Navaneetha Krishnan becoming a member of the Dhaka-based firm as cofounders. ShopUp operates a social commerce platform that helps micro-entrepreneurs in Bangladesh arrange a storefront on Fb, entry working capital and develop their enterprise by automating gross sales and operational processes. 

In October this 12 months, ShopUp raised $22.5 Mn in a Collection A spherical, which was led by Sequoia Capital India and Flourish Ventures, with further participation via VEON Ventures, Speedinvest, and Lonsdale Capital.

Voonik, based in 2013, started its journey as a private buying app for girls however ultimately pivoted to a number of fashions together with personal labels and social commerce since 2015 onwards. In 2015, Voonik acqu-hired TrialKart and Getsty, a personalised buying portal for males, a 12 months later. Then in June 2016, Voonik entered the premium ecommerce section with the launch of Vilara and it had additionally acqui-hired three startups, Zohraa, Picksilk.com and Styl. In September 2016, the style retailer introduced the acquisition of Dekkoh, a personalisation and styling app, for an undisclosed quantity.

Between 2013 and 2016, it raised $34.5 Mn funding throughout 5 rounds and it had raised round $27 Mn funding from traders like Sequoia Capital, Instances Web, Seedfund, Beenos, BEENEXT, Parkwood Bespin, Tancom Investments, Kunal Shah and others.



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