Online retailer Bewakoof.com receives $11.28 million funding
Mumbai-based Bewakoof.com, the e-commerce platform which sells creative and distinctive fashion apparel at affordable prices, has raised $11.28 million funding in venture round. The latest investment was led by Bahrain's alternative investment products manager Investcorp, which has infused 90% of the funding amount and will be acquiring a 14% stake in the company. Here's all about the deal.
Started with theme-based tees, sold over 1 crore products
Bewakoof.com was founded in 2011 by IITians Prabhkiran Singh and Siddharth Munot in Mumbai. The e-commerce company, which started off by selling theme-based T-shirts, now sells a wide variety of products including apparel, footwear, mobile covers, notebooks, and backpacks. As of now, it claims to have sold over 1 crore products and has over 60 lakh app downloads.
Bewakoof one of few profitable startups, says Investcorp's Gaurav Sharma
"This is the first institutional funding round in the company. The firm has, so far, worked with very little capital and has focused on its bottom line as well as its topline," said Gaurav Sharma, co-head of private equity at Investcorp India. He added that the Bewakoof.com is one of the few start-ups in India which has been profitable from the last four years.
Investcorp will be acquiring 14% stake in the company
In the latest round, Bewakoof.com has received $11.28 million, 90% of which has been infused by Investcorp. Notably, the asset manager will receive a 14% stake and a board seat in the company. Before this, the start-up had received angel funding from Snapdeal co-founders Kunal Bahl and Rohit Bansal as well as former IDFC Securities MD, Nikhil Vora.
So, how the company will utilize the funds?
Bewakoof.com plans to use the fresh funds by investing in technology and bringing more product categories on to its online platform. The company is also planning to improve customer experience and hire new talent in the near future.
