Direct to consumer or D2C fashion brand Bewakoof has raised funds worth Rs 30 crore from IvyCap Ventures. As per reports, the brand will utilize the funds to streamline its operations, which were severely hit during the first five months of the pandemic.
The brand’s revenue is likely to decline by 33 per cent due to the pandemic. According to Fintrackr, Bewakoof registered a 27 per cent growth in its revenue from operations to Rs 208.33 crore in FY20 from Rs 164.22 crore in FY19.
The company recorded a loss of Rs 28.26 crore in FY20. Its EBITDA margins also slipped to -9.5 per cent in FY20. The company is eyeing a turnover of close to Rs 140-150 crore in FY21.
Over the past couple of years, several D2C brands in beauty, audio-hardware and mattress have gained quick grounds in India. Mamaearthand Sugar Cosmetics had crossed Rs 100 crore revenue mark in FY20 whereas boAt’s earnings from sales jumped three-fold to Rs 700.44 crore.
Founded in April 2012 by Prabhkiran Singh and Siddharth Munot, Bewakoof is one of the rare startups to create a D2C brand to the tune of Rs 200 crore in the fashion space.The brand sells trendy apparel and accessories. Its customer base includes millennials across Tier I, II and III cities.
