Bewakoof, a direct-to-consumer (D2C) online apparel platform, on Wednesday said it has raised $8 million (Rs 60 crore) in its pre-Series B round of funding led by InvestCorp.
The company has so far raised Rs 170 crore including this round.
Bewakoof said in a statement that it is looking to treble its sales to Rs 2,000 crore by 2025.
The D2C brand is also planning to accelerate its growth trajectory by investing in marketing, branding, technology and talent acquisition.
Besides, plans are afoot for the launch of new categories like activewear and innerwear in addition to scaling up newly launched beauty brand Cosmos.
Earlier this year, Bewakoof had raised $4 million (Rs 29 crore) from IvyCap Ventures to invest in technology and enter new categories.
“With the new fundraise, we are gearing to take the brand to an unexplored new customer base which will be enabled through mass media like TV and print campaigns.
Our focus is to bring the best of fashion at the best of prices to our customers who have shown unwavering support and are the reason that we stand apart in a crowded segment like fashion,” Prabhkiran Singh, founder and CEO of Bewakoof, said.
Launched in 2012, by Prabhkiran Singh, Bewakoof has a fashion range of clothing, flip flops, mobile covers and beauty products.
In the last 2 years, the company has rolled out new categories like kurtis, indo-fusion apparel, denims and more.
“Bewakoof has demonstrated the grit and resilience to navigate through the Covid crisis and delivered a performance which speaks to the strength of the platform and the management team.
It has innovated and realigned the business with new initiatives and has put in place a motivated team and other building blocks to achieve an accelerated growth. We are delighted to continue backing them for the next phase of growth of the Bewakoof brand,” Gaurav Sharma, partner, head of private equity, InvestCorp, said.
Bewakoof claims to have served 6 million customers till date and also continues to add over one lakh new customers every month.
The company is also planning to increase benefits of the tribe members as it aims to add 1 million subscribers in the next 2 years from the current 1,50,000, by launching exclusive collections and giving early access to the community.