Bewakoof plans to raise Rs 100 crore to fuel expansion, diversify portfolio
Online apparel retailer Bewakoof is looking to raise funds of around Rs 100 crore ($13.6 million) to expand its presence and diversify its product portfolio.
The company will be making investments in technology and new products in segments like ethnic wear, streetwear, and branding.
On the back of its expansion coupled with diversification of the portfolio, Bewakoof is expecting a revival of sales and aims to clock around Rs 150 crore in sales for the current financial year.
“The company is eyeing close to a turnover of Rs 140-150 crore, a decrease of 30-33 percent over last fiscal’s Rs 210 crore. Nearly four months of business loss, due to the lockdown due to Covid-19 pandemic and other local restrictions, is difficult to recover,” Prabhkiran Singh, co-founder of Bewakoof, told Businessline.
“This time, the plan is to raise Rs100 crore and discussions are about to begin post end of FY21. Apart from tech, we are ramping up on operations and the offerings portfolio as our long-term expansion plan,” he added.
Bewakoof has already seen funding of Rs 80 crore from Bahrain’s alternative asset manager, Investcorp, Snapdeal founders (Kunal Bahl and Rohit Bansal), and Sixth Sense Ventures (Nikhil Vora).
The company expects normalcy to return and to be profitable going forward, on the back of booming e-commerce sales in the country post the Covid-19 disruptions.
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