MUMBAI: Fashionandyou.com, a Smile Group venture, has raised funding of $40 million from new and current investors.

Led by Norwest Venture Partners and Intel Capital, Sequoia Capital India and Nokia Growth Partners are the investors that have participated in this round.

Goldsquare will use the funds for its growth initiatives, including acquisitions, starting new business categories, as well as accelerating its growth in existing categories and geographies.
 
The new capital will enable Fashionandyou.com to further accelerate its member acquisition strategy and solidify the supply chain and distribution mechanism.

Sequoia Capital India previously invested in Goldsquare to the tune of $8 million in 2010. This investment was used towards growing the company’s product offering, strengthening its enterprise technology and expanding its distribution capacity.
 
NVP India managing director Niren Shah said, “Fashionandyou.com has been growing exponentially, and its brand is becoming synonymous with online fashion in India. The company has managed to scale its business significantly because of its early mover advantage, the strength of its experienced team of professionals from the Internet and retail industries, and the company’s strong supplier relationships. We are proud to add Fashionandyou.com to our growing roster of premier e-commerce investments globally, and believe this team possesses the ability to grow the company further and uphold the company’s leadership position in India as the e-commerce market continues to expand at a significant pace.”