Fashionandyou.com Seals $40M in VC

Norwest Venture Partners and Intel Capital have led a $40 million investment in Indian e-commerce company Fashionandyou.com, Reuters reported Tuesday. Sequoia Capital India and Nokia Growth Partners have also invested in the firm, the brand’s owners Smile Group Venture and Goldsquare Sales India said in a statement. The money will go toward improving membership, as well as the company’s supply and distribution chain.

(Reuters) – The owners of Fashionandyou.com said on Tuesday the Indian e-commerce brand has raised $40 million from investors led by Norwest Venture Partners and Intel Capital to improve membership as well as its supply and distribution chain.

Private equity firms Sequoia Capital India and Nokia Growth Partners have also invested in the firm, the brand’s owners Smile Group Venture and Goldsquare Sales India said in a statement.

Industry group Internet and Mobile Association of India expects India’s online retailing market to grow by 47 percent to more than 460 billion rupees ($9.18 billion) this year.

Private equity firms Carlyle and General Atlantic are in talks to jointly invest about $150 million to $200 million in India’s online retailer Flipkart, sources had told Reuters last month.

($1 = 50.125 Indian rupees) (Reporting by Anurag Kotoky in NEW DELHI; editing by Malini Menon)