NEW DELHI: UK-based online fashion store Koovs said Indian newspaper publisher HT Media BSE 0.00 %invested £3 million (around Rs 29 crore) in the company for an 8.2 per cent stake.
Shares under the deal were issued at 25 pence each.
Koovs said it is in discussion with other investors as well in order to close its current funding round by June 30.
The company will use the funds for investment in marketing. It will continue to use the assets of HT Media to build brand awareness in India and accelerate growth, Koovs said in a news release.
HT Media’s publications include English newspapers Hindustan Times and Mint, and Hindi daily Hindustan. It also owns digital properties and runs an FM radio channel.
“This investment shows further momentum in our capital raising and supports our focus on marketing in order to accelerate brand awareness and sales growth for Koovs in India,” said Koovs Chief Executive Mary Turner . “Our ambition remains to become India’s number one western fashion destination in India by 2020.”
Koovs said it also raised £300,000 from Dragon Asia Holdings Pte Ltd. After this investment, Dragon Asia has a 19.2 per cent stake in it.
In April, Koovs announced that it raised gross proceeds of £21.9 million as part of an initial tranche of the capital raising.
Source: Economic Times