By Sam Bridge
Investcorp has announced that it has led a $11.2m investment in Indian online clothing firm Bewakoof
Bahrain-based alternative asset manager Investcorp has announced that it has led a $11.2 million investment in Indian online clothing firm 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 fashion at affordable prices.
Since inception, Bewakoof.com has created fashion which resonates with millennials across India which has led to delivering sales of more than 650,000 products per month with a customer base of over 4 million.
Prabhkiran Singh, co-founder and director of Bewakoof, said: “We are very pleased to have Investcorp on-board with us as we gear-up for the next exciting stage of our journey.
"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, added: “Bewakoof.com has an impressive team... 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.”
Investcorp said its investment in Bewakoof.com is in line with its strategy to tap into sustainable business models in the mass consumption driven Indian market, with its maiden India-focused private equity fund investing in four other companies - Incred, ASG, Zolo and Citykart.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.