Leading global alternative asset manager Investcorp has announced that it has led a $11.2 million investment in Bewakoof Brands Private Limited.
Founded in 2011 by Prabhkiran Singh and Siddharth Munot, Bewakoof.com is one of the leading direct to consumer online apparel companies in India focused on providing creative and distinctive fashion at affordable prices for trendy and contemporary Indians. IndigoEdge was the advisor to Bewakoof.com for the deal.
Since inception, Bewakoof.com has created fashion which resonates with millennials across India and has been widely recognised for its unique designs. In a short period of time, it has created a robust brand offering by building strong capabilities in design, supply chain and a high engagement digital customer platform. This has led to delivering sales of more than 650,000 products per month with a customer base of over 4 million, often making repeat purchases.
Singh, co-founder and director of Bewakoof Brands added: “We are very pleased to have Investcorp on-board with us as we gear-up for the next exciting stage of our journey. At Bewakoof.com, the customer is at the centre of everything we do, and we remain committed to providing quality and creative fashion to the youth at an unmatched value. 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."
Gaurav Sharma, co-head of private equity, Investcorp India, said: “Bewakoof.com has an impressive team led by its founders Prabhkiran and Siddharth. They offer exceptional products, with a focus on innovation, affordability, capital efficiency and bottom-line contribution. All these factors make us believe that Bewakoof.com is a unique company amongst Indian digital consumer brands. We look forward to this partnership and towards seeking to crystallize the founders’ vision to create a formidable Indian apparel brand”
Investcorp’s investment in Bewakoof.com is in line with their strategy to tap into sustainable business models in the mass consumption driven Indian market. Investcorp raised INR1,000 crore in its maiden India-focused private equity fund. The new fund targets investment opportunities across three key sectors – mass-market consumer, financial services and healthcare. Other than Bewakoof.com, the fund has so far invested in four companies namely Incred, ASG, Zolo and Citykart.
Investcorp manages over $28 billion globally and at its core is a mid-market investment specialist. The private equity business of Investcorp has close to 40 years of mid-market investing experience across the North America, Europe and the MENA region with more than $36 billion of transaction value in almost 200 investments across retail, consumer products, technology, business services and industrials. - TradeArabia News Service