Bewakoof raises Rs 60 crore to fuel growth plans
Indian lifestyle brand Bewakoof has raised Rs 60 crore ($8.1 million) to fuel its expansion plans and plans to clock Rs 2,000 crore in sales by 2025.
The latest funding round was led by InvestCorp with IvyCap Ventures, and Spring Marketing Capital also participating in the round.
The company will utilise the funds to strengthen its market presence by investing in marketing, branding, technology, and talent acquisition.
Commenting on the investment, Prabhkiran Singh, founder and CEO of Bewakoof, in a statement said: “With the new fundraise, we are gearing to take the brand to an unexplored new customer base which will be enabled through mass media like TV and print campaigns. Our focus is to bring the best of fashion at the best of prices to our customers who have shown unwavering support and are the reason that we stand apart in a crowded segment like fashion.”
Gaurav Sharma, partner head of private equity at InvestCorp added: “Bewakoof has demonstrated the grit and resilience to navigate through the Covid crisis and delivered a performance which speaks to the strength of the platform and the management team. We are delighted to continue backing them for the next phase of growth of the Bewakoof brand.”
Launched in 2012 by Prabhkiran Singh, Bewakoof claims to have a customer base of around 10 million.
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