Fashionandyou.com, an India-based online lifestyle retailer backed by semiconductor company Intel and communications equipment maker Nokia, has raised $20m of a planned $50m series E round, Techcircle has reported.
Fashionandyou, which is owned by e-commerce and digital marketing organisation Smile Group and Goldsquare Sales India, aims to close the round by March 2015.
The funding, which came from both new and existing investors, will be used to increase the e-commerce retailer’s brand visibility, including through television advertisements, and to further develop its technology in an effort to acquire more customers.
Capital will also be invested into the reducing delivery times and the revamping of the Fashionandyou website.
Harish Bahl, founder and chief executive of Smile Group, said: “We have secured 40% of the total funding so far and plan to close the entire round latest by the first quarter of the next calendar year”.
The complete funding would take the total raised by the company to $108m. Fashionandyou raised $10m in a series D round in June from e-commerce company VIPshop, Wells Fargo-backed Norwest Venture Partners and Intel Capital, Intel’s corporate venturing unit.
The company raised $40m in 2011 from Nokia Growth Partners, Sequoia Capital India, Norwest and Intel, after Sequoia had invested $8m in 2010.