Bewakoof, a Direct-to-consumer (D2C) fashion brand stated on Thursday that it had acquired $4 million (Rs 30 crore) from IvyCap Ventures.
As per the official statement released by the company, it plans to invest the recently acquired funds to enhance customer experience, upgrade technology, and explore newer product categories as it prepares for the upcoming phase of growth.
The recent proceeds would help the company in the growth journey towards a Rs 1000 crore company by FY24, it stated.
“Bewakoof has raised Rs 30 crore from IvyCap Ventures Trust Fund II. The recent funding has come 10 months after their last fundraiser. In the year 2020, Bewakoof had raised Rs 8 crore in May after raising from Investcorp in October 2019,” the company said in a statement.
Commenting on the new investment, Prabhkiran Singh, Co-founder, and Director, Bewakoof.com, said, “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 Rs 1,000 in revenue by FY24, which would make it one of the fastest journeys to touch Rs 1,000 by a fashion player in the country.”
Founded by Prabhkiran and Siddharth Munot in 2012, Bewakoof.com is a D2C fashion brand built on social media, with a key growth strategy of content marketing.
The brand is popular for its range in casual-wear and has freshly 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.
Backed by institutional investors like Investcorp, Uniqorn Ventures, Pratithi Trust, and angels, the startup claims to have registered revenue of over Rs 200 crore in FY19.
Due to the pandemic, the company predicts revenue to be 30-35 percent lower than pre-COVID numbers, but with improved unit economics than the previous year.
Speaking about the new development, 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 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.”