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Koovs PLC, a New Delhi and UK-based fashion etailer, has confirmed $3.4 Mn (£3 Mn) strategic investment from HT Media Ltd.
The company has raised the capital through the issue of 12,000,000 new ordinary shares at a price of 25 pence per ordinary share.
Koovs continues to be in discussion with other investors in order to close the current funding round by 30th June 2016. Koovs will update the market as required, in due course.
Earlier this year in April, Koovs raised $31.9 Mn (£21.9 Mn) as part of the initial tranche of the capital raising from both existing shareholders and new institutional investors including Ruffer LLP.
This is Koovs’ second tranche of investment that came from HT Media and Dragon Asia Holdings. According to the details shared by the company the admission and dealings in the second tranche is expected to take place tomorrow.
Mary Turner, CEO of Koovs said, “This investment shows further momentum in our Capital Raising and supports our focus on marketing in order to accelerate brand awareness and sales growth for Koovs in India. Our ambition remains to become India’s number one western fashion destination in India by 2020.”
The company will use the funds for investment in marketing and utilise HT Media’s assets to build brand awareness in India and accelerate Koovs’ growth.
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