The investment will help Bewakoof leverage capabilities and grow its leadership position in the D2C space
The startup will use the incoming funds for brand building and expanding into teens and kidswear categories in the next two years
The development comes a few days after Aditya Birla Group shared that it is backing eight digital-first lifestyle brands in India
Aditya Birla Group’s house of brands business TMRW has invested INR 200 Cr in the D2C startup Bewakoof.
The investment will help Bewakoof leverage capabilities and grow its leadership position in the D2C space. The startup will use the incoming funds for brand building and expanding into teens and kidswear categories in the next two years.
The development comes a few days after Aditya Birla Group shared that it is backing eight digital-first lifestyle brands in India including Bewakoof.
Prior to this, it was reported that Aditya Birla Fashion & Retail (ABFRL) was buying a controlling stake in Bewakoof for about INR 100 Cr.
Founded in 2012 by Prabhkiran Singh, the Mumbai-based D2C startup sells casual wear and accessories such as theme-based clothing, notebooks and backpacks, among others on its website.
“With TMRW coming onboard, we have the right partner with enabling skills to help us scale up quickly. The aim for us continues to be India’s leading Fashion brand for GenZ and millenials while staying true to our core of being a quirky and expressive brand,” Singh said.
Bewakoof said that it aims to generate a revenue of INR 1500 Cr in the next five years. It further claims to have more than 70% repeat customers and over 10 Mn app downloads.
In 2021, the startup secured $8.09 Mn in Pre-Series B funding round led by InvestCorp. IvyCap Ventures. Spring Marketing Capital also participated in the round.
“We are excited to partner with the team at Bewakoof. With Bewakoof’s loyal consumer base and our value-add in design, technology, brand building and supply chain, we aim to scale this brand to INR 500 Cr+ in the next 2 years,” said Prashanth Aluru, CEO and cofounder of TMRW.
Founded in June 2022, TMRW aims to create a portfolio of 30 fashion and lifestyle brands in the coming three years. Its current portfolio includes Berrylush, Bewakoof, Juneberry, Natilene, Nauti Nati, Nobero, Urbano and Veirdo.
According to the company, India’s casual wear sector is currently pegged at INR 14K Cr. The industry is expected to grow at a CAGR of 35-40% in the next five years.
Interestingly, Aditya Birla Group introduced its house of brands’ vertical TMRW at a time when Thrasio-style business models are gaining immense popularity in the Indian market.
Ecommerce roll ups – Upscalio, GlobalBees and RENEE Cosmetics are some of the key players operating in the Thrasio-style business models in the country.
