On Monday, EkAnek Network (1), a Delhi-based firm, announced that it had secured 40 crore INR fundings in its A1 funding round. The AWI, Alpha Wave Incubation, a 300 million USD venture-funded managed by Falcon Edge Capital, led the latest funding round. Its existing investors, Matrix Partners India, Lightspeed India, and Sequoia Capital India, also participated in the latest funding round.
EkAnek Network is the parent firm of the recently launched ecommerce startup for beauty and ecommerce startup Foxy. The firm will utilize the capital to extend its arms to Abu Dhabi. The company will also hire new talent for data scientists, engineers, and managers.
EkAnek Network Provides Unique Offerings to its Brand Partners
Navroz Udwadia, Co-founder of the Falcon Edge Capital, stated that the startup would offer a different approach to supply, curation, and fulfillment of beauty products for mobile-first customers. The B2B2C startup offering will drive tighter brand relationships with consumers and platforms to offer a unique experience for beauty products worldwide.
Kartik Sheth, an alumnus of IIM Ahmedabad, Sachin Singhal graduate from IIT Delhi, and Chandranshu, IIT Kharagpur graduate, founded EkAnek in 2018. It provides full-stack solutions to its brand partners to drive D2C operations. It includes brand logistics, curation, marketing tools, video commerce, and influencer networks.
Google recently selected the company for Startups Accelerated India. G V Ravishankar, MD of Sequoia Capital India LLP, stated that the lifestyle market is expanding rapidly in India. People’s purchase decisions, especially from non-metro places, are made via personalized content and relevant influencers.
Kartik has deep experience in building large brands. The highly personalized ecommerce platform, Proxy, has given the founders in a strategic and unique position. They will be able to capture the rapidly growing market. The move will put them on the value creation path at a much-accelerated rate. Foxy offers personalized experiences for shopping to its consumers. It incorporates selfie-analysis, differentiated fulfillment, and targeted curation. Notably, EkAnek Network already has over 120 brands and 6,000 beauty and grooming influencers on its platform.
Author: Rucha Joshi
Source : https://timesnext.com/ekanek-network-secures-40-crore-inr-series-a1-funds/
Date : 2020-09-14T12:30:36.000Z