This Quirky Fashion E-tailer Raised $11.2 million. Here's How It Will Be Spent
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Online clothing company Bewakoof.com has raised $11.2 million in a funding round led by Bahrain-based Investcorp, the investment firm said on Monday.
Bewakoof, founded in 2011, has found an audience in the millennial generation with its focus on popular culture-related clothing. The company currently fulfils over 650,000 orders monthly and has over 4 million customers.
“At Bewakoof.com, the customer is at the centre of everything we do, and we remain committed to providing quality and creative fashion to the youth at an unmatched value,” the company’s co-founder and director Prabhkiran Singh said in a statement.
The Mumbai-based company would continue to focus on technological innovation and hiring talent, he added.
Focus On the Digitally Savvy
Bewakoof may not quite be as known among those not in-tune with pop culture as its audience, being a digital-first platform, is different. From the beginning, the idea has been to create a brand that would resonate with the Internet-savvy generation, most of whom are often looking for a different kind of style.
A quick look at its website tells one about the audience it wants to target. A large chunk of Bewakoof’s designs are references to popular movies or television shows while some of them are inspired by trends on social media.
“They offer exceptional products, with a focus on innovation, affordability, capital efficiency and bottomline contribution,” Gaurav Sharma, co-head of private equity at Investcorp India, said in Monday’s statement.
Bewakoof also makes collaborative products with the likes of US-based comicbook giants Marvel and DC.
The company has tried to differentiate itself from competition with its quirky marketing techniques.
Bewakoof recently introduced a ‘Design of the Day’ feature wherein, every day, at a given time, a new t-shirt design is launched with prices lower than what they would be if bought a day later.
It even has a referral system which allows customers to avail discounts if someone uses their reference while signing up and subsequently buys a product.
Snapdeal Founders’ Backing
The company is backed by Kunal Bahl and Rohit Bansal, the founders of Indian e-commerce firm Snapdeal. In 2015, they invested an undisclosed amount in Bewakoof.