EkAnek Networks, a brand new age e-commerce startup on September 14 stated it has raised $5.4 million in a investment spherical led through Alpha Wave Incubation, a $300 million fund controlled through Falcon Edge Capital.
Its present investors- venture funds Sequoia India, Lightspeed India and Matrix Partners India additionally participated in the spherical.
EkAnek runs a beauty and grooming platform Foxy, which gives clients a personalized shopping experience that carries selfie-analysis and focused curation. Foxy can even provide local, nearby and worldwide brands a platform to construct relationships among brands, influencers and shoppers.
This permits selling to customers directly, along with curation, logistics, advertising tools, influencer networks and video trade. EkAnek presently has over one hundred twenty brands and over 6,000 beauty and grooming influencers on the platform.
EkAnek can even use the funds to enlarge to Abu Dhabi (in which new investor Alpha Wave is likewise based), with a purpose to serve as its base for growth in the Middle East. It additionally plans to hire statistics scientists, product managers and engineers in Abu Dhabi.
Kartik Sheth, founder of EkAnek said in a statement: “We are very excited to announce this fundraise; the faith reposed by marquee investors in EkAnek is a great validation of the idea and the team behind this venture. UAE is an exciting and evolved beauty & grooming market.”
Navroz Udwadia, said: “We are delighted to partner with EkAnek. Foxy will offer mobile-first consumers a differentiated approach to supply, curation and fulfilment of beauty products. In addition, EkAnek’s unique B2B2C full-stack offering will drive tighter brand relationships with the platforms and consumers, to offer consumers globally an unrivalled experience of beauty products.”
