Bewakoof.com Raises INR 60 Cr Funding
Funds raised to be used for scaling up the business, marketing, and talent acquisition
D2C fashion brand Bewakoof.com announced on Wednesday to have raised additional funding of INR 60 crore in a round led by InvestCorp. IvyCap Ventures and Spring Marketing Capital have also participated in the round. The company has so far raised INR 170 crore including this round.
The company claims to be on a fast track to clock INR 2,000 crore in sales by 2025. The company is planning to accelerate its growth trajectory by investing in marketing, branding, technology, and talent acquisition.
Bewakoof, which recently rolled out celebrity-led digital campaigns with Rajkummar Rao, Sanya Malhotra, and Farhan Akhtar plans to further build by signing other A-list celebrities to launch high decibel marketing campaigns across digital, OOH, and TV. On the technology side, the company intends to launch a gamification-led loyalty program as it upgrades its Bewakoof Tribe by new and exclusive launches for the club members.
“Bewakoof has emerged as the largest D2C fashion brand in India, this growth has come on the back of rolling out new categories, exclusive fashion ranges with brands like Coca-Cola. With the new fundraise, we are gearing to take the brand to an unexplored new customer base which will be enabled through mass media like TV and print campaigns. Our focus is to bring the best of fashion at the best of prices to our customers who have shown unwavering support and are the reason that we stand apart in a crowded segment like fashion,” said Prabhkiran Singh, founder, and chief executive officer, Bewakoof.com.
Launched in 2012, by Prabhkiran Singh, in the last 2 years, the company has successfully rolled out several new categories. The brand takes the pole position in the fashion segment because it supports expression and believes in adding lightheartedness to life. This expression-led product strategy which is not just available in English but in several Indian languages has struck a chord with over 6 million customers who visit its portal every month, the company shared.
“Bewakoof has demonstrated the grit and resilience to navigate through the Covid crisis and delivered a performance which speaks to the strength of the platform and the management team. It has innovated and realigned the business with new initiatives and has put in place a motivated team and other building blocks to achieve accelerated growth. We are delighted to continue backing them for the next phase of growth of the Bewakoof brand,” remarked Gaurav Sharma, partner, head of private equity, InvestCorp.
As Bewakoof scales up across categories, the company is also planning to launch new categories like activewear and innerwear in addition to scaling up the newly launched beauty brand Cosmos.
“Innovation is at the core of Bewakoof, across designs, marketing, and growth strategies. The brand has demonstrated significant growth over the past few years, backed by increasing operational efficiencies and a strong customer following. We remain excited to partner with the Company and Prabhkiran in this next leg of expansion," added Vikram Gupta, founder and managing partner, IvyCap.
Bewakoof.com, which has served 6 million customers to date, continues to add over one lakh new customers every month. The Company is also planning to increase benefits for the Tribe members as it aims to add 1 million subscribers in the next 2 years from the current 1,50,000, by launching exclusive collections and giving early access to the Tribe members, the company said.