Online fashion marketplace Voonik has reported a gross merchandise value (GMV) of R60 crore in June 2016, Sujayath Ali, co-founder and CEO, told FE.
Ali said Voonik’s revenues would be in the range of 12-13% of the GMV and going by the current numbers, is clocking revenues of around Rs 7.5 crore per month.
The average ticket size of parcels is Rs 650-R700 and the company is shipping 25,000 orders of Voonik and 7,000-8,000 orders of Mr Voonik, its men’s fashion brand daily “Returns from customers account for 7-8% of the total orders,” Ali added.
Voonik operates in the unbranded fashion category. In June, it introduced the Mr Voonik brand for men’s fashion and Vilara, a premium fashion brand for products from high-end boutiques and designers. According to Ali, Mr Voonik and Voonik have a similar average selling price while Vilara’s average ticket size is between R2,000-3,000.
Working on a marketplace model, Voonik holds no inventory and has no warehousing services either. With over 10 million customers and 20,000 sellers on the platform, Voonik charges vendors a commission of 20%.
“We work on a very lean model. There is no major cost because we don’t offer discounts and all the fulfillment costs are passed on to the seller. That is why our unit economics is stronger and we are able to scale up faster,” Ali said.
In the January-March period, five fashion and lifestyle apps — Myntra, Voonik, Jabong, LimeRoad, and US-based Wish featured in the list of top 10 mobile apps, according to mobile-tracking firm App Annie.
Voonik competes with other fashion portals such as Myntra, LimeRoad, Craftsvilla, and Koovs. In June, Myntra decided to relaunch its desktop version as the management believed the app-only strategy wasn’t working to its advantage.
Last month, it acquired online fashion portal Jabong for an estimated $70 million consolidating its position in the space.
In June, Voonik raised $20 million from Sequoia India in a Series B funding. Other investors such as Times Internet, Seedfund, Beenos, Beenext, Parkwood Bespin, Tancom Investments and Kunal Shah also participated in the fund raising.