Direct-to-consumer (D2C) fashion brand Bewakoof on Thursday announced that it had raised $4 million (Rs 30 crore) from IvyCap Ventures.
According to the official statement, the company intends to invest the funds into superior customer experience, technology, and newer product categories as it prepares for next phase of growth.
The fresh proceeds would help the company in the growth journey towards a Rs 1000 crore company by FY24, it stated.
“Bewakoof has raised Rs 30 crore from IvyCap Ventures Trust Fund II. The fresh infusion has come 10 months after their previous fundraise. Last year, Bewakoof had raised Rs 8 crore in May 2020 after raising from Investcorp in October 2019,” the company said in a statement.
Speaking about the new development, Prabhkiran Singh, Co-founder and Director, Bewakoof.com, said,
“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 Rs 1,000 in revenue by FY24, which would make it one of the fastest journeys to touch Rs 1,000 by a fashion player in the country.”
Founded in 2012 by Prabhkiran and Siddharth Munot, Bewakoof.com is a D2C fashion brand built on social media, with content marketing being a key growth strategy.
The brand is popular for its offerings in casual-wear and has recently launched Indo-fusion ethnic and sleepwear along with a range of collaborations with Marvel, DC Comics, Looney Tunes, Star Wars, F.R.I.E.N.D.S, and Disney.
Backed by institutional investors like Investcorp, Uniqorn Ventures, Pratithi Trust, and angels, the startup claims to have registered revenue of over Rs 200 crore in FY19.
Due to the pandemic, the company expects revenue to be 30-35 percent lower than pre-COVID numbers, but with better unit economics than the previous year.
Commenting on the investment, Vikram Gupta, Founder and Managing Partner, IvyCap Ventures Advisors Pvt Ltd, said, “The contemporary offerings of the Bewakoof make it stand out from the rest in the segment of the industry. The company has built a strong connect with its customers and we believe that our investment will help further establish its leadership in the market. We are extremely happy to work with Prabhkiran and existing investors in this next phase of growth.”