Ecommerce Startup EkAnek Networks Raises $5.4 Mn In Funding Led By Alpha Wave Incubation

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Delhi-based ecommerce startup EkAnek Networks has raised $5.4 Mn in a funding round led by Alpha Wave Incubation, a fund worth $300 Mn anchored by Abu Dhabi’s state entity, the Abu Dhabi Developmental Holding Company (ADQ), and managed by New York-based venture capital fund Falcon Edge Capital. The funding was first reported by MoneyControl. 

The company’s existing investors, Sequoia Capital India, Lightspeed India and Matrix Partners India also participated in the round. 

Kartik Sheth, founder of EkAnek said in a statement: “We are very excited to announce this fundraise; the faith reposed by marquee investors in EkAnek is a great validation of the idea and the team behind this venture. UAE is an exciting and evolved beauty & grooming market.”

Launched in 2018 by Chadranshu Sinha and Kartik Sheth, EkAnek raised seed funding worth $10 Mn last year. The round was led by Sequoia Capital India, with Matrix and Lightspeed also investing. 

EkAnek runs Foxy, a personalised beauty application. The company claims that Foxy is India’s first beauty and grooming social commerce app for both men and women. Customers can discover expert-recommended makeup, haircare and skincare products, among others on the platform through videos. 

Another of EkAnek’s products is Foxy Live, a live-streaming social commerce platform for brands and influencers. 

EkAnek also allows brands to set up their own direct-to-consumer ecommerce platform, where brands can leverage Foxy’s technology and logistics modules to enable services like warehousing, shipping, curation, marketing and video commerce. 

In the social commerce segment, EkAnek competes with BulBul, SimSim and Shop101, among others.