E-commerce startup EkAnek recently announced that it raised a funding of $5.4 million. The funding round was led by Alpha Wave incubation alongside venture funds Sequoia India, Lightspeed India, and Matrix Partners India.
About the company
EkAnek brings very new beauty and grooming platform to the market. They provide a very intricate shopping experience for their users. EkAnek has over 6000 beauty influencers and over 120 local and international brands on its platform. Therefore, the platform will act as a middle ground between brands and customers and help build a relationship.
How the company plans to use the investment?
E-commerce startup EkAnek has some big plans regarding investment. At present, they plan to expand their business in middle-east by creating a base in Abu Dhabi. At the same time, they also plan to hire data scientists, engineers, and managers from the place itself.
Kartik Sheth, the founder of EkAnek, said, “We are very excited to announce this fundraiser; the faith reposed by marquee investors in EkAnek is a great validation of the idea the team behind this venture. UAE is an exciting and evolved beauty & grooming market.”
Thoughts of the investors
Navroz Udwadia, managing director of Falcon Edge Capital, said, “We are delighted to partner with EkAnek. Foxy will offer mobile-first consumers a differentiated approach to supply, curation, and fulfillment of beauty products. Also, EkAnek’s unique B2B2C full-stack offering will drive tighter brand relationships with the platforms and consumers, to offer consumers globally an unrivaled experience of beauty products.”
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