Mumbai-based direct-to-consumer (D2C) fashion brand Bewakoof today announced it has raised Rs 60 crore in funding, as it is aiming to clock Rs 2,000 crore in sales by 2025. The funding round was led by InvestCorp, along with the participation from IvyCap and Spring Marketing Capital.
According to a release, Bewakoof will use the raised capital for scaling up the business, marketing, branding, technology, and talent acquisition. With this, The company so far has raised Rs 170 crore in its funding rounds.
Earlier in June 2021, the company had onboarded Rajkummar Rao as its brand ambassador and plans to further onboard A-list celebrities to launch high decibel marketing campaigns across digital, OOH, and TV.
The company also said that it intends to launch a gamification-led loyalty program as it is upgrading its Bewakoof Tribe with new and exclusive launches for the club members.
“Bewakoof has emerged as the largest D2C fashion brand in India, this growth has come on the back of rolling out new categories, exclusive fashion range with brands like Coca Cola, Prabhkiran Singh, Founder and CEO, Bewakoof, said.
"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" he adds.
Speaking on the investment, Gaurav Sharma, Partner, Head of Private Equity, InvestCorp, said:
“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 accelerated growth."
Besides this, The 9-year-old D2C brand is also planning to launch new categories like activewear and innerwear in addition to scaling up its newly launched beauty brand Cosmos.
Currently, the platform has a combined fan base of 6 million users across its social media handles and is well known for engaging with customers through topical memes.
The company is also planning to increase benefits for the Tribe members as it aiming to add 1 million subscribers in the next 2 years. Currently, It has 1,50,000 tribe members on its platform.