Eyeing to clock Rs 2,000 crore in sales by 2025, Indian D2C fashion brand Bewakoof.com is planning to accelerate its growth trajectory by investing in marketing, branding, technology and talent acquisition.
To fuel its high powered growth, Bewakoof has raised an additional funding of Rs 60 crore in a round led by InvestCorp. IvyCap Ventures and Spring Marketing Capital, which was founded by Arun Iyer, Raja Ganapathy and Vineet Gupta, have also participated in the round. The Company has so far raised Rs 170 crore including this round.
Launched in 2012, by Prabhkiran Singh, Bewakoof is known for its hatke fashion range of clothing, flip flops, mobile covers. In the last 2 years, the company has successfully rolled out several new categories like kurtis, indo-fusion apparel, denims and much more.
As Bewakoof scales up across categories, the company is also planning to launch new categories like activewear and innerwear in addition to scaling up newly launched beauty brand Cosmos.
“The brand takes the pole position in the fashion segment because it supports expression and believes in adding lightheartedness to life. This expression-led product strategy, which is not just available in English but in several Indian languages, has struck a chord with over 6 million customers who visit its portal every month,” Bewakoof said in a press statement.
Bewakoof, which recently rolled out celebrity led digital campaigns with Rajkummar Rao, Sanya Malhotra and Farhan Akhtar (Toofaan) plans to further build by signing other A-list celebrities to launch high decibel marketing campaigns across digital, OOH and TV. On the technology side, the company intends to launch a gamification led loyalty program as it upgrades its Bewakoof Tribe by new and exclusive launches for the club members.
Prabhkiran Singh, Founder and CEO, Bewakoof, said, “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. With the new fund raise, 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.”
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 an accelerated growth. We are delighted to continue backing them for the next phase of growth of the Bewakoof brand.”
Vikram Gupta, Founder and Managing Partner, IvyCap, said, “Innovation is at the core of Bewakoof, across designs, marketing and growth strategies. The brand has demonstrated significant growth over the past few years, backed by increasing operational efficiencies and a strong customer following. We remain excited to partner with the Company and Prabhkiran in this next leg of expansion."
Bewakoof claimed that it continues to add over one lakh new customers every month.
The company said it is also planning to increase benefits for 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 Tribe members.