New Delhi: Direct to a consumer or D2C fashion brand Bewakoof.com has raised funds from IvyCap Ventures. The fresh proceeds would help the company in the growth journey towards a Rs 1000 crore company by FY24. The company intends to invest the funds into superior customer experience, technology, and newer product categories as it prepares for the next phase of growth.
Bewakoof has raised Rs 30 crore from IvyCap Ventures Trust Fund II. The fresh infusion has come 10 months after their previous fundraiser. Last year, Bewakoof had raised Rs 8 crore in May 2020 after raising from Investcorp in October 2019.
With the scale of 200crs+ in revenues in FY19, the brand has managed to maintain a good mix of growth and capital efficiency. It has strengthened its sales to more than 20,000 products per day with a customer base of over 10 million. Due to the pandemic the company expects to be 30-35% lower than pre-COVID numbers, but with better unit economics than the previous year.
Bewakoof.com founded in 2012 by Prabhkiran Singh and Siddharth Munot, is a D2C fashion brand built on social media, with content marketing being a key growth strategy. The brand philosophy is to add light-heartedness to life through its self-expressive products and fun shopping experiences.
The expressions the brand enables on products are relatable and Indian in nature including prints in regional languages (Hindi, Marathi, Bengali, Telugu, Gujarati, etc). As the smaller towns of India have shifted online in the last 3 years, the USP of Indian Inspiration and regional languages have helped the brand grow.
The brand is popular for its offerings in casual-wear and has recently launched Indo-fusion ethnic and sleepwear. Along with a range of collaborations with Marvel, DC Comics, Looney Tunes, Star Wars, F.R.I.E.N.D.S, and Disney.
The brand has 4.5 Million fans on Facebook and 1.4 Million followers on Instagram.
“Having grown significantly in the last couple of years, we will continue investing in improving the customer experience through technological innovation and building a strong team. We expect to cross 1000crs in revenue by FY24, which would make it one of the fastest journeys to touch 1000crs by a fashion player in the country.” Bewakoof Brands co-founder and Director Prabhkiran Singh said. (existing investor names and about this particular investment as well)
Bewakoof is backed by Institutional Investors like Investcorp, Uniqorn Ventures, Pratithi Trust, and Angels like Kunal, Rohit, Kaushal Aggarwal.
Commenting on the investment, Vikram Gupta, Founder and Managing Partner, IvyCap Ventures Advisors Pvt Ltd, said, “The contemporary offerings of the Bewakoof make it stand out from the rest in the segment of the industry. The Company has built a strong connection with its customers and we believe that our investment in the company will help further establish its leadership in the market. We are extremely happy to work with Prabhkiran and Existing Investors in this next phase of growth.”