Abu Dhabi fund Alpha Wave leads funding for e-commerce platform Foxy
Photo Credit: 123RF.com

EkAnek Networks Pvt Ltd, which operates personalised e-commerce platform Foxy, has raised Rs 40 crore ($5.44 million) in a Series A1 investment round.

This capital infusion has been led by Alpha Wave Incubation, a $300 million single-LP venture fund anchored by Abu Dhabi’s state entity ADQ and managed by Navroz Udwadia, co-founder of New York-based Falcon Edge Capital. 

Other bets Alpha Wave has made in recent months include solar software startup SenseHawk and customer support automation startup Verloop.io.

Other participants in the Foxy round include Matrix Partners India, Sequoia Capital India and Lightspeed India, New Delhi-based EkAnek said in a statement.

As part of this investment, the company will also expand its presence to Abu Dhabi. Other Alpha Wave-backed startups have also made similar moves.

The company will also use the capital to build out its team in areas such as data science, product management, and engineers.

Foxy says it offers a customised shopping experience that uses features such as selfie analysis and a targeted feed. 

The startup says it will also offer local, regional, and international brands a full-stack business-to-business experience with the aim of deepening their relationships with brands, shoppers, and influencers.

“We believe categories like beauty need a fun, interactive shopping experience which is very different from what traditional e-commerce companies are able to provide,” Matrix India managing director Tarun Davda said.

EkAnek was founded by Kartik Sheth, who also functions as its chief executive officer. 

According to his LinkedIn profile, Sheth is an IIM-Ahmedabad alumnus and has worked with companies including Airtel and Unilever. 

Prior to his latest venture, he was CEO of Wynk Music, Airtel’s audio streaming platform.

In March last year, Foxy raised $5.73 million (around Rs 40.14 crore) from Lightspeed India, Sequoia, Matrix Partners, and angel investors, according to VCCEdge, the data research arm of Mosaic Digital.

Leave Your Comment(s)