FashionandYou raises $40M
Fashionandyou, an online flash sale site which specializes in fashion and lifestyle product has raised $40M investments in its series C round. This round of investment was led by Mayfield fund and Norwest Venture Partners (NVP) along with Intel Capital, Nokia Growth Partners and Sequoia Capital.
This is the third round of investments at FashionandYou which was founded in January 2010, FashionandYou is owned by Smile Group Venture and Goldsquare Sales India Private Ltd. It was co-founded by former Yahoo India Sales Director Uppal, and backed by Smile Group founder Harish Bahl. In Dec 2010 Sequoia had invested $8M in this flash sale site.
Primarily funds will be utilized for strengthening its supply chain system, expand into additional categories, and make strategic acquisitions to complement their existing business lines. FashionandYou aims to become a 500Cr company in two years time.
Lets look at their recent monthly traction:
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FashionandYou already has a customer base of around 3M and with this massive funding coming in things looking quite rosy for them.
I am seriously wishing to see a massive improvement in their delivery cycle, then only they can get back some of their early adopter like me.
-Hitesh, vcBytes.com
