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.
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.
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.
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).