[Funding alert] D2C fashion brand Bewakoof raises Rs 60 Cr led by InvestCorp
D2C fashion brandWednesday said it raised Rs 60 crore in its latest round led by InvestCorp. IvyCap Ventures and Spring Marketing Capital also participated in the round. So far, the startup has raised Rs 170 crore, including this round.
Launched in 2012 by Prabhkiran Singh, Bewakoof is a fashion brand built on social media, with content marketing being a key growth strategy. It is planning to accelerate its growth trajectory by investing in marketing, branding, technology, and talent acquisition.
The brand has 4.5 million fans on Facebook and 1.5 million followers on Instagram.
The startup is popular for its offerings in the casual wear category and has recently launched Indo-fusion ethnic and sleepwear along with a range of collaborations with Marvel, DC Comics, Looney Tunes, Star Wars, F.R.I.E.N.D.S, and Disney.
The D2C fashion brand is planning to launch activewear and innerwear, besides scaling up its newly launched beauty brand Cosmos.
The startup claims it is on track to clock Rs 2,000 crore in sales by 2025.
Speaking on the development, 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."
Bewakoof — which recently rolled out celebrity-led digital campaigns with Rajkummar Rao, Sanya Malhotra, and Farhan Akhtar — plans to sign on other A-list celebrities to launch high decibel marketing campaigns across digital, OOH, and TV.
On the technology side, the startup intends to launch a gamification-led loyalty programme as it upgrades its Bewakoof Tribe with new and exclusive launches for the club members.
Gaurav Sharma, Partner, Head of Private Equity, InvestCorp, said, “Bewakoof has demonstrated the grit and resilience to navigate through the COVID-19 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. We are delighted to continue backing them for the next phase of growth of the Bewakoof brand.”
Vikram Gupta, Founder and Managing Partner, IvyCap, added, “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."