Bewakoof, a Mumbai based fashion e-commerce startup has been making the headlines recently for attaining massive funding from IvyCap ventures. The name of the brand suggests a style of being ‘fashionably silly’. However, judging by their investments and funding, it is evident that the company’s strategy is far from silly.
Founded in 2012 by engineering graduates, Prabhkiran Singh and Siddharth Munot, Bewakoof is a leading name when it comes to quirky and fun outfits. Its light hearted style and pocket friendly budget has made a wave among millennials.
Creating impact through innovation, honesty and thoughtfulness is the working principle of the brand. In a few years, Bewakoof has become one among the most sought after brands of this generation. Its inspirational and trendy designs and the much intriguing catalog has helped the brand carve a place of its own.
The brand has in its stead an amazing team of 400 who likes to scale newer domains of creativity by thinking out of the box. Till date, Bewakoof has sold two million products, all a blend of creativity and relativity.
Funding and Investments
The commendable growth pattern of the brand over the years has ensured a constant flow of funding and investments. Among its leading investors are Kunal Bahl, Rohit Bansal, Snapdeal and Investorcorp Gulf Investments. The company has raised a total of INR 805.6 million over three rounds of funding till date.
On Thursday, the company reported of attaining a funding of Rs.30 crore ($4 million) from IvyCap Ventures. The funding will be used to invest in technology and to enter new product markets, according to a statement released by the company. This will considerably add to its growth rate and progress. With more than 2.5 million monthly hits and INR 1.5 crore worth of monthly transactions, the current position of the brand is beyond impressive.
Despite the tough competition from leading brands like Myntra, Snapdeal and Flipkart, Bewakoof continues its journey to success. This is attested by the growth trajectory of the brand which has gone from being a brand selling t-shirts to a INR 100 crore business.
The recent funding would presumably add bigger growth rates and revenues in the future.
According to Prabhakiran Singh, founder of Bewakoof.com,
“In our play, we have high margins and a very high customer loyalty owing to our differentiated and unique products.”
After the massive revenues of more than Rs.200 crore in 2018-19, a rarity among D2C brands, the company exhibits immense scope and a solid road to a promising future.