Investment banking firm Steer Advisors also participated in the funding round
The apparel brand will use the fresh funds to expand its offline stores and strengthen online presence
Koskii has an offline presence in Bengaluru, Chennai, Delhi, Coimbatore, and Hyderabad; delivers orders to 10,000 pin codes
Bengaluru-based women occasion-wear brand Koskii has raised INR 61 Cr in a Series A round of funding led by Baring Private Equity Partners India.
Investment banking firm Steer Advisors also participated in the funding round. The firm also acted as the sole transaction advisor to Koskii.
The apparel brand reportedly will use the fresh funds to expand its offline stores, strengthen online presence, invest in technology platforms, and hire talent.
“This funding round validates Koskii’s robust business framework, which leverages technology as its core. Built on the principles of frugality, jugaad, and above all, profitability, we have established a strong foundation for growth,” Umar Akhter, cofounder and CEO of Koskii, said.
Founded in 2017 by brothers Umar Akhter, Sameen Eajaz, and Haroon Rashid, along with their sister Ayesha Saubia joining later, Koskii focusses on ethnic occasion wear for women. It offers a wide range of products including lehengas, sarees and salwars and its target audience is women between the age of 18-35.
Under its omnichannel strategy, Koskii has an offline presence in Bengaluru, Chennai, Delhi, Coimbatore, and Hyderabad, with plans to expand further to newer cities. Besides, the startup delivers orders to more than 10,000 pin codes across India. It is also working and investing towards international expansion.
The market size of women’s ethnic wear across India in FY2020 was approximately $17 Bn and was estimated to reach more than $24 Bn by 2025, as per a Statista report.
According to Inc42 data, the Indian D2C market is expected to reach $100 Bn by 2025. Out of all the sub-segments in the industry, apparel and footwear are estimated to account for nearly 77.6% of the online clothing market by 2025.
Last month, omnichannel lifestyle startup The Souled Store raised INR 135 Cr in a strategic funding round led by Xponentia Capital. Hopscotch’s parent company Hit the Mark, Inc. also raised around INR 164 Cr in a funding round led by Amazon in May.