Voonik, December: An earlier not-so-known name in fashion e-commerce industry Voonik is now turning out to be profitable. Voonik climbed from out of red as it witnessed Rs. 17.63 crore losses during 2019 financial year and now, the company has been able to see a net profit of Rs. 28.90 crore for the FY20. However, according to Tofler, a regulatory filling sourced from a business intelligence platform, this is a 264% jump for the company. It also told that during the said period, the revenues were up at 109 per cent to Rs 44.76 crore from Rs. 21.45 crore.
The company in its filing quoted, “After substantial investment in the planned business project of the company, the Seventh financial year of operations closed with an operational profit of Rs 28,90,92,892/-. The Directors are optimistic about the company’s business and hopeful of better performance with increased revenue in next year.” According to Crunchbase, so far Voonik has raised $34.5 million funding across five rounds with the latest Series C round of $6 million in February 2017.
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Voonik is an online marketplace based in Bengaluru that operates products for men, women, kids and home decor as well and offers a wide range of options to choose from. Earlier in February, Voonik’s B2B business was unified with a Bangladesh-based start-up known as Shopup. Other than this, their B2C business was also merged with kids activewear start-up Schoolay.
