Norwest, Intel lead $40m round for India’s


Norwest Venture Partners (NVP) and Intel Capital have led a $40m funding round for Smile Group Venture and Goldsquare Sales India, the owners of India’s number one online fashion and lifestyle e-commerce brand

Launched in January, 2010 is an invitation-only private sales club, which partners with high fashion and luxury brands across fashion apparel, designer wear, accessories, footwear, watches, jewellery, fragrances, kids, home décor, and holds private sales events for these brands at prices up to 80 per cent off.

The company currently employs more than 450 people spread across offices and distribution centres in Gurgaon, Mumbai and Bangalore.

Sequoia Capital India and Nokia Growth Partners also participated in the round, which Goldsquare said it will enable it to finance acquisitions, start new business categories, as well as accelerating its growth in existing categories and geographies.

In addition, the new capital will enable to further accelerate its member acquisition strategy and solidify the supply chain and distribution mechanism for its 2.7 million and growing member base.

Sequoia Capital India previously invested in Goldsquare to the tune of $8m in 2010. This investment was used towards growing the company’s product offering, strengthening its enterprise technology and expanding its distribution capacity.

Niren Shah, a managing director at NVP India, said, “ has been growing exponentially, and its brand is becoming synonymous with online fashion in India. The company has managed to scale its business significantly because of its early mover advantage, the strength of its experienced team of professionals from the internet and retail industries, and the company’s strong supplier relationships.

“We are proud to add to our growing roster of premier e-commerce investments globally, and believe this team possesses the ability to grow the company further and uphold the company’s leadership position in India as the e-commerce market continues to expand at a significant pace,” he added.

Last month NVP closed a $37m round of funding for SolarEdge Technologies, an Israeli provider of solar power optimisation and PV monitoring systems. Existing investors Opus Capital, Walden International, Genesis Partners, Vertex Venture Capital, Lightspeed Venture Partners and GE also participated in the round.

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