Direct to a consumer or D2C fashion brand Bewakoof has raised funds from IvyCap Ventures. The fresh proceeds would help the company in the growth journey towards a Rs 1000 crore company by FY24. The company intends to invest the funds into superior customer experience, technology, and newer product categories as it prepares for the next phase of growth.
Bewakoof has raised Rs 30 crore from IvyCap Ventures Trust Fund II. The fresh infusion has come 10 months after their previous fundraiser. Last year, Bewakoof had raised Rs 8 crore in May 2020 after raising from Investcorp in October 2019.
With the scale of 200crs+ in revenues in FY19, the brand has managed to maintain a good mix of growth and capital efficiency. It has strengthened its sales to more than 20,000 products per day with a customer base of over 10 million. Due to the pandemic the company expects to be 30-35% lower than pre-COVID numbers, but with better unit economics than the previous year.
Bewakoof.com founded in 2012 by Prabhkiran Singh and Siddharth Munot, is a D2C fashion brand built on social media, with content marketing being a key growth strategy. The brand philosophy is to add light-heartedness to life through its self-expressive products and fun shopping experiences.
The expressions the brand enables on products are relatable and Indian in nature including prints in regional languages (Hindi, Marathi, Bengali, Telugu, Gujarati, etc). As the smaller towns of India have shifted online in the last 3 years, the USP of Indian Inspiration and regional languages have helped the brand grow.
The brand is popular for its offerings in casual-wear and has recently launched Indo-fusion ethnic and sleepwear. Along with a range of collaborations with Marvel, DC Comics, Looney Tunes, Star Wars, F.R.I.E.N.D.S, and Disney. The brand has 4.5 Million fans on Facebook and 1.4 Million followers on Instagram.
