Smile Group’s fashion ecommerce venture FashionAndYou is in final stages of raising about $50 Mn (about INR 300 Cr) in a new round of funding to be led by US-based investment fund Morgan Creek Capital. Harish Bahl, founder and chairman of Smile Group, confirmed that FashionAndYou is raising funding but he denied sharing the exact amount and the investors. He said, “Yes, we are closing a new, large round but it would be premature at this point to tell you who the investors are.”
According to the sources close to the development, its existing investors Sequoia Capital and Norwest Venture Partners are likely to participate in this round of funding.
The development was first reported by ToI.
Prior to this round, FashionAndYou has raised close to $60 Mn in funding altogether from a number of investors.
Let us have a look at the break up of funds raised by the company:
June 2014: $10 Mn from Sequoia Capital, Norwest Venture Partners, Nokia Growth Partners and Intel Capital
November 2011:$40 Mn from Sequoia Capital, Norwest Venture Partners, Nokia Growth Partners and Intel Capital
December 2010:$8 Mn from Sequoia Capital
It had also raised a funding round in December 2009.
Gurgaon-based, online portal started its operation in 2010 as an invitation-only site selling high-end brands to its consumers. However, facing tough competition from its then ecommerce rivals, it pivoted its business model.