Online fashion store Koovs raises Rs 59 crore
Online fashion store Koovs has raised approximately Rs 59 crores (£7 million) from existing investors including Ruffer, Coller Capital and others. It will use the funds to expand its product range and invest in infrastructure including technology and innovation.
New investor Mitchell Capital also participated in this round, according to an Economic Times report.
This round of capital raised is the last tranche of the company's three-year investment strategy to raise approximately £35 million Rs 296 crores), as announced in September last year.
The London-based Koovs has now raised a cumulative amount of £31million (Rs 262 crores) with this funding.
Koovs has also signed a strategic deal with Brand Equity Treaties, the investment arm of The Times of India Group.
Mary Turner, CEO of Koovs says that will be the core focus for the company for the next 12 months as she looks to add 500-600 style lines per month.
Meanwhile, Koovs launched designer labels Gauri and Nainika on Tuesday in keeping with its plan of introducing two to three designer collaborations each year to expand its product offering.
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