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IvyCap Ventures invests in online apparel firm Bewakoof

IvyCap Ventures invests in online apparel firm Bewakoof
Photo Credit: 123RF.com
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Bewakoof, a direct-to-consumer (D2C) online apparel company, on Thursday said it has raised $4 million (Rs 29 crore) from IvyCap Ventures. 

The company will use the funds to invest in technology and enter new product categories, said Bewakoof in a statement. 

Bewakoof, founded in 2011 by Prabhkiran Singh and Siddharth Munot, is known for casual wear and it recently entered ethnic and sleepwear categories. 

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Singh said that the company has grown significantly in the last couple of years and it expects to cross Rs 1,000 crore in revenue by fiscal 2023-24. 

The company had clocked net sales of Rs 208 crore in financial year 2019-20 as compared with Rs 164 crore the previous fiscal, according to VCCEdge. 

In October 2019, global alternative investment manager Investcorp led a $11.2 million round in Bewakoof. Last year, the company raised Rs 8 crore in a bridge round from Pranak Consultants Pratithi Investment and Indigoedge Management. 

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There have been a few major transactions in the larger apparel market in India this year. 

In January, Aditya Birla Fashion and Retail entered into an agreement to acquire a 51% stake in designer brand Sabyasachi Couture.  

Last month, Nalanda Capital picked up a stake in listed apparel manufacturer TCNS Clothing, which owns the W brand of womenswear. 

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In the past, women’s apparel brands have raised private equity and venture capital funding, such as Biba (Warburg Pincus and Faering Capital), AND (General Atlantic) and High Street Essentials (Elevation Capital). 


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