Online apparel firm Bewakoof raises Rs 30 crore from IvyCap Ventures

Online fashion brand Bewakoof.com.

Online fashion brand Bewakoof.com on March 19 stated that it has raised Rs 30 crore from IvyCap Ventures. The direct-to-consumer (D2C) online shopping site for men and women clothing aims to utilise the amount for better consumer interface, technology and newer product categories.

The fashion brand had raised Rs 80 crore from Investcorp in October 2019 in return for a 14 percent stake. In May 2020, it raised Rs 8 crore from Aarti Corporate Services, Pranak Consultants Pratithi Investment and Indigoedge Management. According to a VCCircle report, the company had a revenue of Rs 208 crore in FY20 and Rs 164 crore in FY19 and is eyeing a turnover of Rs 1,000 crore by FY24.

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Prabhkiran Singh and Siddharth Munot founded the fashion brand in 2012 that now has a customer base of over 10 million. For designs, the firm has also recently collaborated with Marvel DC comics, Star Wars, FRIENDS and Disney.

"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 crore in revenue by FY24, which would make it one of the fastest journeys to touch Rs 1,000 crore by a fashion player in the country," business daily Mint quoted co-founder and director Prabhkiran Singh as saying.

Backed by institutional Investors such as Investcorp, Uniqorn Ventures, Pratithi Trust, and Angels, the fashion brand has 4.5 Million fans on Facebook and 1.4 Million followers on Instagram.