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Koovs Gets $5.4 Mn More From Nahatas, Waheed Alli; Reports Three Fold Jump In Sales

Koovs Gets $5.4 Mn More From Nahatas, Waheed Alli; Reports Three Fold Jump In Sales

Koovs Plc, the parent firm of Indian lifestyle ecommerce venture, has posted its gross sales worth $4.4 Mn (INR 29.56 Cr) for the trading period of September 28, 2015 to January 3, 2016.

In the same period last year, the company had posted gross sales worth $1.4 Mn (INR 9.55 Cr), which represents a growth of 210%. The company also doubled its visits to the website from 6.4 Mn to 12.7 Mn views during the period, which is driven by increased brand awareness post a recently launched multi-channel marketing campaign by Koovs.

According to market consultancy firm mConsult, the brand awareness of the company has increased from 1% to 8% during the period under review.

Mary Turner, appointed as Koovs CEO on 1 October 2015, said, “With highly targeted media and a standout creative, we have achieved impressive cut-through compared to brands with much higher spend profiles of three-five times ours.”

Besides, the Nahata family has decided to increase its stake in Koovs while Waheed Alli, Executive Chairman Koovs, will also put in fresh money to allow the venture to stay alive. As reported, Nahatas will subscribe to 9.2 Mn fresh shares while Alli will pick up 5.6 Mn shares of the company. The shares are being issued at 25 pence, generating around $6.5 Mn (£4.5 Mn) for the company. Its directors had previously pitched in with $1.5 Mn (£1.1 Mn).

It also said that Koovs is in the final stages of closing another round of fundraising to the tune of $6.5 Mn (£4.5 Mn). This is part of the company’s plans to raise $50.8 Mn (£35 Mn) in three years.

Koovs is an online fashion ecommerce venture which competes with likes of Myntra, Jabong, Voonik and other online fashion retailing brands. It offers its private label apart from over 150 international brands and exclusive style collaborations.

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