Asset manager Investcorp leads Bewakoof’s $11.2Mn funding round
Category: #retail  By Paroma Bhattacharya  Date: 2019-10-15
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Asset manager Investcorp leads Bewakoof’s $11.2Mn funding round

India’s online fashion and lifestyle industry has seen tremendous growth in the past few years. Since being introduced, people are increasingly making purchases on such platforms, which is in turn opening new opportunities for fashion businesses across the country. Speculating potential growth, many investors worldwide are now pouring in funds in lucrative online shopping marketplace.

Global alternative asset manager, Investcorp has reportedly taken a similar move recently by leading an investment round of $11.2 million (around Rs 80 crore) in Indian online shopping platform Bewakoof.com.

Incepted in 2011 by Siddharth Munot and Prabhkiran Singh, Bewakoof.com is a direct-to-consumer online fashion platform that focuses mainly on theme-based T-shirts. It is diversified into categories such as sweaters, joggers, hoodies, pants and trousers, footwear, notebooks, mobile covers, backpacks, etc. Moreover, the firm sells most of its products through its mobile application and website.

According to the company, it has created a strong space in the market by offering improved design and supply chain competences, which has led to creating a customer base of over 4 million and sales of over 650,000 products per month.

Speaking on the investment, Gaurav Sharma, Investcorp India Private Equity Co-Head, said that the company was confident in its investment as Bewakoof deliver products that are based on the foundation of capital efficiency, affordability, and bottom-line contribution.

As for Investcorp, this investment is part of its strategy to invest in a sustainable business model in the mass consumption market in India. The investment was made from its maiden India-focused PE fund which raised around Rs 1,000 crore ($142 million).

Reportedly, Bengaluru-based company IndigoEdge is the adviser of Bewakoof for this investment. Investcorp on the other hand has penetrated the alternative investment market of India with the acquisition of IDFC Alternatives’ PE, real estate fund.

Previously, Investcorp invested in four companies and invested Rs 80 crore in InCred Finance in 2016. It has also backed ASG Eye Hospital, co-living space provider Zolo, and value retail chain Citykart. Overall, the company has invested around Rs 270 crore in the four companies.

Source Credit - https://www.vccircle.com/investcorp-leads-funding-round-in-online-fashion-retailer-bewakoof



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Paroma Bhattacharya

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Paroma Bhattacharya

Paroma currently works as a content developer for Algosonline, MSF and a series of alike platforms. Fortified with a post-graduation degree in Journalism and Mass Communication, she delved head long into a writing career, creating resourceful and information enriched ...

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