E-commerce and digital marketing organisation Smile Group and Goldsquare Sales India, owners of India-based private sales website Fashionandyou.com, secured about $40m in financing on Tuesday last week from investors including corporate venturing units Intel Capital and Nokia Growth Partners.
Also investing in the round were investment firm Norwest Venture Partners and venture capital firm Sequoia Capital India, which previously invested $8m in Goldsquare in December last year. Investment group Trayas has also been mentioned as an investor by technology finance website TechCrunch.
Goldsquare plans to invest the latest round of capital in various growth initiatives including increasing Fashionandyou’s member base, which currently numbers about 2.7 million, expanding its business categories and solidifying its supply and distribution chain.
Sudheer Kuppam, managing director of Intel Capital, Asia Pacific Region, said: "Fashionandyou’s compelling online shopping experience is proving to be a hit among women and youth across India, and this aligns well with Intel’s goal of promoting e-commerce as an important opportunity for Indian businesses and a convenient and efficient way to bring new products and services to Indian consumers."