Bewakoof, the online apparel retailer is planning to raise Rs 100 crore funds in order to expand its retail presence and diversify product basket. On the cards are investments in technology, new products additions like ethnic wear, streetwear, and branding. Bewakoof is looking to boost sales and targets around Rs 150 crore in sales for the current financial year.
As per Prabhkiran Singh, Co-founder of Bewakoof, the company targets a turnover of Rs 140-150 crore, a decrease of 30-33 per cent over last fiscal’s Rs 210 crore. It lost nearly four months of business, due to the lockdown.
Bewakoof had received funding worth Rs 80 crore from Bahrain’s alternative asset manager, Investcorp, Snapdeal founders (Kunal Bahl and Rohit Bansal), and Sixth Sense Ventures (Nikhil Vora). The company expects normalcy to return and be profitable riding on booming e-commerce in the country post the Covid-19 disruptions.