Bewakoof, a direct-to-consumer (D2C) online apparel platform, said on Monday it has raised an undisclosed amount in a revenue-based financing round from Klub’s aceler8 fund.
According to Anurakt Jain, co-founder and CEO of Klub, “Brands can get up to Rs 20 crore through the fund and Bewakoof is one of the first brands to get funded through aceler8 fund."
In August, the company raised $8 million (Rs 60 crore) in its pre-Series B round of funding led by InvestCorp. In March, Bewakoof raised $4 million (Rs 29 crore) from IvyCap Ventures to invest in technology and enter new categories.
Launched in 2012, by Prabhkiran Singh, Bewakoof has a fashion range of clothing, flip flops, mobile covers and beauty products, the company is operated by Bewakoof Brands Pvt Ltd.
In the last two years, the company has rolled out new categories like Kurtis, indo-fusion apparel, denim among others.
Bewakoof claims to have served six million customers to date and continues to add over one lakh new customers every month. It is also planning to increase the benefits of the tribe members as it aims to add 1 million subscribers in the next two years from the current 1,50,000, by launching exclusive collections and giving early access to the community.
Earlier this month, Bewakoof launched a curated marketplace by signing over 150 brands like Chumbak, Mad Over Print, Brown Mocha, Fugazee, Peri Pai, Fighting Fame, Urban Estilo, HueTrap, Style Quotient, Dilinger, Smugglerz, Clovia, Noise, Boat, Campus Sutra, Ustraa, Difference of Opinion among others
Bewakoof said it aims to generate Rs 500 crore in brand sales from the marketplace in the next 12 months. The marketplace is live with the fashion, innerwear, personal audio, beauty, and accessories categories. Bewakoof plans to launch home decor in the Fiscal year 2022.
In December, Klub marked the first close of its revenue-based financing fund--Aceler8 at Rs 200 crore, The fund plans to deploy the entire corpus of Rs 200 crore in SaaS (software-as-a-service) and consumer companies. The fund will invest from Rs 50 lakh to Rs 20 crore in digital businesses for their marketing, inventory, and capital expenditure spends.
