D2C fashion brand Bewakoof has raised additional funding of Rs 60 crore or $8 million in a round led by InvestCorp. IvyCap Ventures and Spring Marketing Capital have also participated in the round.
The Company has so far raised Rs 170 crore or $23 million including this round.
Bewakoof is planning to launch new categories like activewear and innerwear in addition to scaling up the newly launched beauty brand Cosmos, said the company in a press release. The Company will also invest in marketing, branding, technology and talent acquisition.
Founded by Prabhkiran Singh and Siddharth Munot, Bewakoof sells trendy apparel and accessories. A huge chunk of Bewakoof’s customer base includes millennials across tier I, II and III cities.
The nine-year-old company claims to have served 6 million customers to date and aims to add 1 million subscribers in the next 2 years from the current 1,50,000.
According to Bewakoof, the company is on a fast track to clock Rs 2,000 crore in sales by 2025. It had registered a 27% growth in its revenue from operations to Rs 208.33 crore in FY20 from Rs 164.22 crore in FY19.