The Bengaluru-based company, Voonik who recently asked its employee to sacrifice salary of three months, is now aiming big to become EBITDA profitable by the end of this year along with raising funds from external sources.
Company’s current financial status
The Sequoia-backed company recently claimed that it has already acquired a GMV of $90 million for FY17 and picked up a revenue of Rs 116 crore that approximates to be fivefold from the last year. But, the account of FY16, Voonik has lost Rs 84 crore with a total revenue of Rs 16 crore as per RoC fillings.
The Investors involved
Voonik is backed up by Sequoia, has also raised funds from group of investors which includes RB investments, Japanese e-commerce operator Beenos, Beenext, Tancom Investments and Times Internet, the digital product and investment arm of the Times Group, the publisher of this newspaper,
What the CEO has to say?
Sujayath Ali, the CEO of Voonik said “Over the last two months of the festive season, we clocked 2.5x sales every day for the four sales that we hosted even while bigger players were running their big sales.
During October, throughout the month we had a consistent surge despite others’ bigger discounts,” He also added, “75-80% of our sales were from tier-II and tier-III cities and most of our traffic came in from mobile app and web while desktop traffic contributed just 5%.”
The latest launch
The company has also brought about a kid’s section that is believed to contribute 15-20% to the business and is thought to gain higher profits in future as per the raised demands.