Global alternative asset manager Investcorp has led a $11.2 million investment in Mumbai-based Bewakoof.com. IndigoEdge was the advisor to Bewakoof.com for the deal.
Founded in 2011 by IIT alumni Prabhkiran Singh and Siddharth Munot, Bewakoof.com is a direct to consumer online apparel company focussed on providing creative and distinctive fashion at affordable prices for trendy and contemporary Indians.
Prabhkiran Singh, Co-Founder and Director of Bewakoof.com, said,
“We are very pleased to have Investcorp on-board with us as we gear up for the next exciting stage of our journey. At Bewakoof.com, the customer is at the centre of everything we do, and we remain committed to providing quality and creative fashion to the youth at an unmatched value. Having grown significantly in the last couple of years, we will continue investing in improving the customer experience through technological innovation and focusing on talent acquisition."
Bewakoof.com creates distinctive fashion for the Indian youth, with in-house capabilities in design, manufacturing, technology, data science, and marketing. The startup claims to be delivering sales of more than 650,000 products per month with a customer base of over four million, often making repeat purchases.
Gaurav Sharma, Co-Head of Private Equity, Investcorp India, said,
“Bewakoof.com has an impressive team led by its founders Prabhkiran and Siddharth. They offer exceptional products, with a focus on innovation, affordability, capital efficiency, and bottom-line contribution. All these factors make us believe that Bewakoof.com is a unique company amongst Indian digital consumer brands.”
Investcorp raised Rs 1,000 crore in its maiden India-focussed private equity fund. The new fund targets investment opportunities across three key sectors – mass-market consumer, financial services, and healthcare. Globally, it manages over $28 billion.
Other than Bewakoof.com, the Investcorp fund has so far invested in four companies - Incred, ASG, Zolo, and Citykart.
(Edited by Saheli Sen Gupta)