EkAnek gets backed by Alpha Wave Incubation in Series A1 Funding Round

Team StartupcityEkAnek, a tech first E Commerce player announced on Monday that it raised $5.4 Million in Series A1 funding. The round was led by Aipha Wave Incubation (AWI), an early stage $300 Million fund managed by Falcon Edge Capital cofounder Navroz Udwadia; other participants in the round included prior investors Matrix Partners India, Sequoia Capital India, and Lightspeed India.

The company intends to utilize these funds to strengthen its presence in Abu Dhabi.
Planning to make Emirates its global base for catering to the GCA, MENA and other international market, EkAnek is also looking add data scientists, product managers and enginners in its Abu Dhabi team. “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,” said Kartik Sheth, Founder, EkAnek in a statement.

Founded in 2018, EkAnek is the parent company of Foxy, an artist led commerce platform for beauty, grooming and personal care. The company has also launched Foxy Live, a live-streaming and social commerce platform that enables brands and influencers to interact with their followers online through a real-time video interface, across multiple social channels. The company also enables beauty and grooming brands to use Foxy’s technology and logistics modules for warehousing, shipping, curation, marketing and video commerce.

Navroz Udwadia, MD, Falcon Edge Capital, said: “We are delighted to partner with EkAnek. 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.”