UAE’s Alpha Wave invests in Delhi-based EkAnek Networks
EkAnek Networks, a new age e-commerce startup on September 14 said it has raised $5.4 million in a funding spherical led by using Alpha Wave Incubation, a $300 million fund managed with the aid of Falcon Edge Capital.
Its current investors- project money Sequoia India, Lightspeed India and Matrix Partners India additionally participated in the round.
EkAnek runs a splendor and grooming platform Foxy, which affords clients a personalized buying trip that accommodates selfie-analysis and focused curation. Foxy will additionally provide local, regional and worldwide manufacturers a platform to construct relationships between brands, influencers and shoppers.
This allows promoting to customers directly, inclusive of curation, logistics, advertising and marketing tools, influencer networks and video commerce. EkAnek presently has over one hundred twenty manufacturers and over 6,000 splendor and grooming influencers on the platform.
EkAnek will additionally use the cash to make bigger to Abu Dhabi (where new investor Alpha Wave is additionally based), which will serve as its base for enlargement in the Middle East.
It additionally plans to rent statistics scientists, product managers and engineers in Abu Dhabi.
Kartik Sheth, founder of EkAnek stated in a statement: “We are very excited to announce this fundraise; the belief reposed via marquee traders in EkAnek is a brilliant validation of the notion and the group in the back of this venture. UAE is an thrilling and developed splendor & grooming market.”
Navroz Udwadia, managing director of Falcon Edge Capital, said: “We are delighted to associate with EkAnek.
Foxy will provide mobile-first customers a differentiated strategy to supply, curation and fulfilment of splendor products.
In addition, EkAnek’s special B2B2C full-stack supplying will pressure tighter manufacturer relationships with the structures and consumers, to provide buyers globally an unrivalled ride of splendor products.”
EkAnek raised $10 million in a seed funding spherical led via Sequoia, Matrix and Lightspeed in March ultimate year.