Online focused direct to consumer brand, Bewakoof.com has raked in Rs 80 crore in a funding round led by Investcorp. Following the transaction, the Bahrain-based firm will have 14% equity and a board seat in Bewakoof.
The Mumbai-based company would deploy fresh funds towards strengthening its technology, improve consumer experience as well as hiring new talent.
Founded in April 2012 by Prabhkiran Singh and Siddharth Munot, Bewakoof is known to sell apparel and mobile phone covers. The firm is a direct-to-consumer online fashion portal and claims to be doing transactions more than Rs 1.5 crore per month, with t-shirts constituting 30% of its revenue.
Over the years, it has grown from being a t-shirt selling brand to a Rs 100 crore business. It also deals in categories such as hoodies, sweaters, joggers, footwear, and notebooks et al.
Importantly, a huge chunk of Bewakoof’s customer base includes millennials in the age group of 16-34 years. Metro and tier-II cities including Pune, Bengaluru, and Kota, where there is a large congregation of the younger populace for study/work, are the primary market for the apparel and accessories brand.
The firm had started with an investment of Rs 30,000 and had received seed funding eventually after being six months in operations. It also raised angel funding from Kunal Bahl, Rohit Bansal, and Former IDFC Securities MD, Nikhil Vora in 2015.
Apart from using social media channels to reach the target audiences, it also has an offline presence through college tie-ups and associations with popular events like Comic-Con, NH7, and Mood Indigo.
Bewakoof counts Chumbak, Chul Bulstore, and Origin, among others as its major competitors.