your password has been reset successfully, Please login again.

Bewakoof Receives INR 80 Crore in Recent Funding Round

The Mumbai-headquartered direct-to-consumer firm will use funds to reinforce its technology, enhance consumer experience and employ new talent for the company.
BY Jaspreet Kaur
Feature Writer, BusinessEx
Oct 14,2019

Consumer-focused online retailer, Bewakoof has lately raised INR 80 crore fresh capital in the funding round. Bahrain-headquartered asset management firm, Investcorp has reportedly led the latest funding round in the online platform.

With this transaction, the investment company, Investcorp will hold nearly 14 per cent share in the online platform, Bewakoof along with participation in the board of directors, reported Inc42.   

The Mumbai-headquartered direct-to-consumer firm will use funds to reinforce its technology, enhance consumer experience and employ new talent for the company.  

Small Company turning to a Big Brand 

Bewakoof was established by Siddharth Munot and Prabhkiran Singh on April 2012. The online company is immensely known for selling clothing as well as mobile phone cases. It directly targets customers eliminating the middlemen; it assets to have done more than INR 1.5 crore transactions per month.  

The company’s first focus will be to further strengthen its platform and capture consumer data to improve their experience on the website by using machine learning, Co-founder of Bewakoof, Prabhkiran Singh, co-founder, said in an interview to Inc42. 

“We will be investing in our technology back-end, along with category expansion,” Singh added.

Over the period, the company has transitioned into an INR 100 crore entity from a tee-shirt selling firm. It further sells various types of apparel viz. Sweaters, notebook, footwear, and hoodies etcetera reported Entracker.    

Primarily, a large proportion of Bewakoof’s customers are millennials in the age bracket (16-34 years). The company targets on metropolitan cities and tier-II cities viz. Kota, Pune, and Bengaluru; these areas mainly encompass young Indian demographic. 

The company had received its initial investment sum of INR 30,000. Later, it had received seed funding six months after its incorporation. Furthermore, it has raised angel funds from Rohit Bansal, Nikhil Vora, Former MD of IDFC Securities, and Kunal Bahl in 2015. 

The company’s website asserts that it has sold more than 1 crore products and more than 60 lakh application downloads to date.

As social media has become an imminent part of millennials today, small brands are immensely employing it to promote its products. Thus, homegrown brands are getting recognition and gradually turning into big brands. Some of the small renowned brands are Chumbak, House of Masaba and Happily Unmarried connect with the Indian millennials. 

According to the data management firm, Technavio the Indian online fashion market is calibrated to reach $12-$14 billion by 2020. The Indian market is anticipated to increase at a CAGR of nearly 63 per cent by 2020. 

 

Please add your Comment
SIMILAR Articles
April 03, 2020
The webinar unveiled important segments and tips that the entrepreneurs are overlooking in this dire ...More
By Jaspreet Kaur
March 31, 2020
Besides taking crucial business decisions, an entrepreneur is accountable for the welfare of his emp ...More
By Jaspreet Kaur
March 27, 2020
When opting work from home for all employees, there are a vast set of problems that an entrepreneur ...More
By Jaspreet Kaur
March 26, 2020
The Indian government has proclaimed a financial package covering various severely hit sectors in it ...More
By Jaspreet Kaur
March 23, 2020
the Indian government is stepping up and implementing strategies, over cautionary measures that it i ...More
By Jaspreet Kaur
March 14, 2020
Women entrepreneurs are grabbing opportunity to make the most of it and embracing challenges that ar ...More
By Jaspreet Kaur
March 06, 2020
The Bengaluru-based commercial realty investment firm, Strata has received an offering of $1.5 milli ...More
By Jaspreet Kaur
March 04, 2020
Trell is a mobile application that helps the Indian users to share and ascertain personalized recomm ...More
By Jaspreet Kaur
February 21, 2020
The changing business ecosystem is speedily adapting innovation and seeks participating businesses t ...More
By Jaspreet Kaur
February 18, 2020
Edtech startup, PlanetSpark has raised INR3.2 crore in Pre-Series A funding round by Indian Angel Ne ...More
By Jaspreet Kaur
February 16, 2020
Companies have begun employing information technology to develop their productivity in a series of d ...More
By Jaspreet Kaur
February 14, 2020
The Noida-based mobile operating system’s company for private businesses for tutoring , Classplus h ...More
By Jaspreet Kaur