Direct-to-customer (D2C) fashion brand Bewakoof.com has raised additional funding of ₹60 crore in a round led by Investcorp.
IvyCap Ventures and Spring Marketing Capital have also participated in the round. Including this round, the company has so far raised ₹170 crore.
The company plans to accelerate its growth trajectory by investing in marketing, branding, technology and talent acquisition with an aim to clock ₹2,000 crore in sales by 2025.
“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,” said Prabhkiran Singh, founder and CEO, Bewakoof.
Bewakoof, which recently rolled out celebrity-led digital campaigns with Rajkummar Rao, Sanya Malhotra and Farhan Akhtar (Toofaan), plans to further build by signing other A-list celebrities to launch high decibel marketing campaigns across digital, OOH or out-of-home advertising and TV. On the technology side, the company intends to launch a gamification-led loyalty program as it upgrades its Bewakoof Tribe by new and exclusive launches for club members.
Vikram Gupta, founder and managing partner, IvyCap, said, “The brand has demonstrated significant growth over the past few years, backed by increasing operational efficiencies and a strong customer following. We remain excited to partner with the Company and Prabhkiran in this next leg of expansion.”
Launched in 2012, Bewakoof has served 6 million customers till date and continues to add over one lakh new customers every month.
The company is also planning to increase benefits for the Tribe members as it aims to add 1 million subscribers in the next two years from the current 1,50,000, by launching exclusive collections and giving early access to the Tribe members.
Source: Mint