Bewakoof, a youth-focused direct-to-consumer brand, on Wednesday said it has raised Rs 60 crore in funding from InvestCorp, IvyCap and Spring Marketing Capital.
Bewakoof, which has raised a total funding of Rs 170 crore including this round, will utilise the fresh proceeds for scaling up the business, marketing and talent acquisition, a statement said.
The company is also on track to clock Rs 2,000 crore in sales by 2025, and plans to accelerate its growth trajectory by investing in areas like branding, technology and talent, it added.
Bewakoof, which recently rolled out celebrity-led digital campaigns with Rajkummar Rao, Sanya Malhotra and Farhan Akhtar, plans to further build by signing other A-list celebrities to launch high decibel marketing campaigns across digital, out-of-home (OOH) and TV.
On the technology side, the company intends to launch a gamification-led loyalty programme.
“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 founder and CEO Prabhkiran Singh said.
Direct-to-consumer (D2C) brands are companies that sell and ship their products directly to customers without relying on distributors or traditional retail channels.
The focus is to bring the best of fashion at the best of prices to customers who have shown unwavering support and are the reason that the brand stands apart in a crowded segment like fashion, he added.
Launched in 2012, Bewakoof offers products across apparel, footwear and mobile covers. It has recently expanded into the beauty segment with its ‘Cosmos’ brand. The company, which has served six million customers till date, is adding over 100,000 new customers every month.
The company is also planning to launch new categories like activewear and innerwear, in addition to scaling up Cosmos.
Categories: Venture Capital