BackFashion portal Koovs raises £10.9 million
Fund-raising part of the final tranche of three-year investment programme to raise approximately 35 million, announced in September 2015, says Koovs
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Koovs Plc, which owns and operates fashion e-commerce website Koovs.com, said on Wednesday it has raised £3.9 million from the Times of India Group, along with £7 million from other new and existing investors.
“This capital raise (of £10.9 million) is part of the final tranche of the company’s three-year investment programme to raise approximately £35 million, announced in September 2015. It brings the total raised under this programme to £31 million to date," the company said in a statement.
Koovs Plc had initially raised £22 million through a float on AIM, the London Stock Exchange’s international platform for smaller companies, in 2014. In the current round of £10.9 million investment, the company has issued 21,700,000 new ordinary shares at 50 pence per ordinary share.
“We are delighted to bring on board our new strategic partner in the Times of India, a leading media company, which will give us access to television, outdoor and digital platforms in addition to print and radio and will help to incrementally extend our coverage nationwide," said Mary Turner, chief executive officer of Koovs.
The Times of India Group is the publisher of The Times of India and The Economic Times publications. In June, Hindustan Times Media Ltd, the publisher of Hindustan Times and Mint also invested £3 million in Koovs.
Headquartered in London, Koovs offers its own private label, apart from more than 150 international brands of clothing, footwear and accessories through its website and mobile app. Koovs receives 3,000-4,000 orders a day with an average ticket size of Rs1,500-1,600, Turner said in an interview with Mint in October.
It clocked Rs47.3 crore in gross merchandise value (GMV) during the four months ending 31 July, as compared with Rs22 crore during the same period in the previous year, as per a company statement released in September. GMV is the aggregate value of the products sold and does not represent the revenue of the company.
The company runs an inventory-led model and competes with Flipkart-owned Myntra and Jabong, among others, in the Indian market.
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