Direct to consumer fashion brand Bewakoof has raised $4 million from IvyCap Ventures.
Bewakoof has raised INR 30 crore from IvyCap Ventures Trust Fund II. The fresh infusion has come 10 months after their previous fund raise. Last year, Bewakoof had raised INR 8 crore in May 2020 from Investcorp in October 2019.
The fresh proceeds would help the company in the growth journey towards a INR 1000 crore company by FY24. The company intends to invest the funds into superior customer experience, technology and newer product categories as it prepares for next phase of growth.
With the scale of 200 crore plus in revenues in FY19, the brand has managed to maintain a good mix of growth and capital efficiency. It has strengthened its sales to more than 20,000 products per day with a customer base of over 10 million. Due to the pandemic the company expects to be 30-35% lower than pre-COVID numbers, but with better unit economics than the previous year.
Bewakoof founded in 2012 by Prabhkiran Singh and Siddharth Munot is a D2C fashion brand built on social media with content marketing being a key growth strategy. The brand philosophy is to add light-heartedness to life through its self-expressive products and fun shopping experiences.
“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 INR1000 crore in revenue by FY24, which would make it one of the fastest journeys to touch INR 1000 crore by a fashion player in the country.” Bewakoof Brands co-founder and Director Prabhkiran Singh said.
Bewakoof is backed by Institutional Investors like Investcorp, Uniqorn Ventures, Pratithi Trust, and Angels like Kunal, Rohit, Kaushal Aggarwal.
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 in the company 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.”