Delhi-based EkAnek Networks announced on Monday it has raised Rs 40 crore in its Series A1 investment round. The funding round was led by Alpha Wave Incubation (AWI), a $300 million venture fund managed by Falcon Edge Capital. Existing investors, Matrix Partners India, Sequoia Capital India, and Lightspeed India also participated in the round.
EkAnek Network is the parent company of recently launched beauty and grooming ecommerce startup, Foxy. The company said it will use the freshly raised funds to expand its presence in Abu Dhabi. The Emirate will be the global base for Foxy's international expansion to the GCA, MENA and other regional markets.
Additionally, EkAnek plans to hire and build a team of data scientists, product managers, and engineers in Abu Dhabi. Navroz Udwadia, Cofounder of Falcon Edge Capital, said in a release: "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.
EkAnek was founded by IIM Ahmedabad alumnus Kartik Sheth, IIT Delhi graduate Sachin Singhal, and IIT Kharagpur graduate Chandranshu in 2018.