FashionAndYou gets $10m from new and existing backers


fashionandyouIndian sales e-commerce startup FashionAndYou has raised a $10m round from new and existing venture backers.

Sequoia Capital, Smile Group, Norwest Venture Partners, Intel Capital and Nokia Growth Partners participated in the round, said the company.

The company said that it currently has more than 5.5m member and women account for 70 per cent of its total sales with their share expected to increase further.

It added that the Indian online fashion and lifestyle industry is expected to be worth $15bn by 2020.

FashionAndYou CEO Aasheesh Mediratta said, “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.”

Norwest and Intel led a $40m funding round for the company in November 2011.

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