Bewakoof raises $4 million from IvyCap Ventures
Online fashion brand Bewakoof has secured $4 million (Rs 29 crore) funding from IvyCap Ventures.
The company will use the funds to invest in technology, branding, and enter new product categories as it looks to strengthen its presence in the Indian fashion market.
The company had clocked revenue of more than Rs 200 crore in 2018-19. However, due to the Covid-19 pandemic and subsequent lockdowns, it expects sales to be around 30 percent lower for this fiscal year 2020.
With the capital infusion, Bewakoof is expecting a revival of sales and aims to clock around Rs 150 crore in sales for the next financial year.
Founded in 2012 by Prabhkiran Singh and Siddharth Munot, Bewakoof is a D2C fashion brand built on social media, with content marketing being a key growth strategy.
Bewakoof had earlier received 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).
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