Mumbai-based Bewakoof Brands, the owner of the online apparel platform Bewakoof.com, has raised $11.2 million in a funding round led by Bahrain-based alternative asset manager Investcorp.
Bewakoof Brands has not disclosed the stage of the investment round. While this is the largest tranche of funds raised by the company, Investcorp has provided nearly 90% of the funding to Bewakoof Brands, a person familiar with the deal told TechCircle.
The company plans to use the funds to improve consumer experience and acquire talent.
“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," said Prabhkiran Singh, co-founder and director of Bewakoof Brands, said the company in a statement.
Between 2014 and 2017, Bewakoof Brands reportedly raised funds totalling $2.31 million from several investors such as Snapdeal founders Rohit Bansal and Kunal Bahl, private equity fund Uniqorn Ventures, Krishil Capital Holdings and Texport Industries.
Founded in 2011 by former Indian Institute of Technology alumni Prabhkiran Singh and Siddharth Munot, Bewakoof.com is a direct-to-consumer online platform, which provides apparels at affordable prices. The company claims sales of over 650,000 products per month with a customer base of over four million.
Investcorp has raised about $140 million through its first India-focused private equity fund, targeting investment opportunities in mass-market consumer, financial services and healthcare. Other than Bewakoof.com, the fund has so far invested in fintech startup Incred, co-living space provider Zolo and retail chain Citykart.