Foxy parent EkAnek Networks, a startup focussed on beauty, grooming and personal care, announced it has raised Rs 40 crore funding led by Alpha Wave Incubation. Existing investors Sequoia Capital India, Lightspeed India, and Matrix Partners India also participated in the funding round.
The company will use the funding to expand its presence to Abu Dhabi. EkAnek claims to have over 120 brands and over 6,000 beauty and grooming influencers on its platform. In 2019, the startup had raised $10 million funding led by Sequoia, Lightspeed and Matrix.
Founded in 2018 by Chandranshu Sinha and Kartik Sheth, the platform offers customers a personalised shopping experience while offering brands a full-stack business-to-business backend including curation, logistics, marketing tools, and influencer networks.
“UAE is an exciting and evolved beauty & grooming market and we are privileged to partner with AWI to bring FOXY to GCC/ MENA,” Kartik Sheth, founder of EkAnek, said.
“Foxy will offer mobile-first consumers a differentiated approach to supply, curation, and fulfillment of beauty products. In addition, EkAnek’s unique …full-stack offering will drive tighter brand relationships with the platforms and consumers,” Navroz Udwadia of AWI said.
“We believe categories like beauty need a fun, interactive shopping experience which is very different from what traditional e-commerce companies are able to provide,” Tarun Davda, Managing Director at Matrix India, said.
EkAnek is backed by Sequoia Capital, Matrix Partners and Lightspeed Venture Partners. Angel investors include Rajan Anandan, Anand Chandrasekaran, Kunal Shah, Neeraj Arora and Srini Gopalan.
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