Apparel brand Bewakoof gets Rs 30 crore funding from IvyCap Ventures, Retail News, ET Retail

Lynn Imbier

Bengaluru: On line style retailer Bewakoof has lifted Rs 30 crore from homegrown undertaking money fund IvyCap Ventures. The cash will be used to increase branding and technologies, as effectively as start new product or service classes.

Bewakoof has had two rounds of funding so far—Rs 80 crore in Oct 2019 from Bahrain-based alternate asset supervisor Investcorp, and Rs eight crore in May well 2020 in a bridge round from neighborhood buyers Pranak Consultants, Pratithi Financial investment and Indigoedge Management.

Started in 2012 by Prabhkiran Singh and Siddharth Munot, Bewakoof sells over twenty,000 units of clothing and equipment a day. It has a shopper foundation of over 10 million, most of whom are millennials based in Tier I, II and III towns, the organization claimed.

The organization clocked revenues of additional than Rs two hundred crore in 2018-19, a rarity amid immediate-to-shopper (D2C) style makes, a space which is dominated by Myntra with a business of all around Rs four hundred crore.

Bewakoof’s gross sales were badly impacted because of to the lockdown in the early months of the Covid-19 pandemic and are likely to be 30-35{cbf6da10fac2230370cea9448ed9872290737d25c88b8c8db3eefaf8c399e33d} lower in 2020-21 as in contrast to the prior fiscal, the organization claimed in a press release. But with raising online adoption following the pandemic, and India’s middle cash flow team raising its discretionary devote, D2C makes are likely to see a surge—especially at the lower conclude of the branded sector.

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