Mumbai-based D2C fashion brand Bewakoof, which specialises in self-expressive merchandise, has raised INR 60 Crores ($8.09 Mn) in its pre-series B round led by existing investor InvestCorp. The round also saw participation from IvyCap Ventures and Spring Marketing Capital. The company has so far raised INR 170 Crores — it last raised funding in March 2021 in series A round of INR 30 Crores.
According to the company’s statement, Bewakoof will use the fresh funding to scale up the business, marketing and talent acquisition, and sign A-list celebrities. It will launch marketing campaigns across digital, print, TV and OOH to explore new customer bases as it aims to clock INR 2,000 crore in sales by 2025, founder and CEO Prabhkiran Singh stated.
Bewakoof will further add a gamification-led loyalty program on its premium membership – Bewakoof Tribe and announce new and exclusive launches for its members. The company is also planning to launch new categories like activewear and innerwear as well as scale up its newly launched beauty brand Cosmos.
Founded by Singh and Siddharth Munot in 2012, the company started with its focus on theme-based T-shirts. Bewakoof has now branched out into casual wear and accessories including hoodies and sweaters, joggers, pants and trousers, footwear, mobile covers, notebooks and backpacks. The platform also offers casual merchandise in collaboration with Marvel, DC, Looney Tunes, Star Wars, F.R.I.E.N.D.S, and Disney. Bewakoof offers relatable and regional language prints, further augmenting its brand reach.
The company has sold over 1 Cr products, served 60 L customers to date and continues to add over 1 L new customers every month, it has stated.
However, the competition in the D2C fashion arena is quite intense. Besides big-name brands, private labels of Myntra, Ajio and Amazon, the Indian market features D2C startups such as The Souled Store, StyleCracker, Chumbak, Print Pitara, Wrogn, Nicobar, FabAlley among others in the casual wear segment.
The D2C segment, especially fashion brands have witnessed a massive shift due to the Covid-19 induced pandemic. It has given rise to new attitudes, needs and behaviours among the consumers in India, and globally, marking an inclination toward self-expression, brands and shopping experience. According to the Inc42+ report The Rise Of India’s D2C: Market Landscape And Trends Report, 2021, the fashion segment is expected to account for 43% of the $100 Bn D2C market opportunity by 2025 and shows a high potential to attract VC funding and market traction.