BackBewakoof raises Rs30 crore from IvyCap Ventures
In May 2020, Bewakoof had raised Rs8 crore after an earlier round of funding from Investcorp in October 2019
PremiumDirect-to-consumer (D2C) fashion brand Bewakoof.com has raised Rs30 crore from IvyCap Ventures, the company said in a statement. The money will be utilized for better consumer interface, technology and newer product categories as it looks to touch a turnover of Rs1,000 crore, it said.
In May 2020, Bewakoof had raised Rs8 crore after an earlier round of funding from Investcorp in October 2019.
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Founded in 2012 by Prabhkiran Singh and Siddharth Munot, Bewakoof is a D2C fashion brand built on social media, with content marketing being a key growth strategy.
Clocking more than Rs200 crore in revenue in FY19, the brand has strengthened its sales to more than 20,000 products per day with a customer base of over 10 million. This includes casual wear, fusion wear and sleep wear. It has also collaborated with Marvel DC comics, Star Wars, FRIENDS and Disney for designs.
Bewakoof positions itself as a light-hearted, Indian brand with expressions on products that are relatable and Indian in nature including those in regional languages (Hindi, Marathi, Bengali, Telugu, Gujarati, etc). As the smaller towns of India have shifted online in the last three years, the USP of Indian inspiration and regional languages have helped the brand grow.
The brand has 4.5 Million fans on Facebook and 1.4 Million followers on Instagram.
“Having grown significantly in the last couple of years, we will continue investing in improving the customer experience through technological innovation and building a strong team. We expect to cross Rs1,000 crore in revenue by FY24, which would make it one of the fastest journeys to touch Rs1,000 crore by a fashion player in the country," said co-founder and director Prabhkiran Singh.
Bewakoof is backed by institutional Investors such as Investcorp, Uniqorn Ventures, Pratithi Trust, and Angels such as Kunal, Rohit, aKaushal Aggarwal.
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