Bewakoof, an online fashion retailer, has secured Rs 30 crore from homegrown venture capital fund IvyCap Ventures. The fresh capital will be utilized by the company to improve branding and technology, as well as launch new product categories.
In May 2020, Bewakoof raised Rs 8 crore in a bridge round from local investors Pranak Consultants, Pratithi Investment, and Indigoedge Management. Also, in October 2019, the brand secured Rs 80 crore from Bahrain-based alternative asset manager Investcorp.
Bewakoof was founded by Prabhkiran Singh and Siddharth Munot in 2012. It sells more than 20,000 units of apparel and accessories a day. The apparel brand has a customer base of over 10 million, most of whom are millennials based in Tier I, II, and III cities.
Bewakoof clocked revenues of over Rs 200 crore in 2018-19, a rarity among direct-to-consumer (D2C) fashion brands.
Prabhkiran Singh, Co-Founder and Director, Bewakoof, 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 Rs1,000 crore in revenue by FY24, which would make it one of the fastest journeys to touch Rs1,000 crore by a fashion player in the country.”