Mumbai-based online apparel startup, Bewakoof has raised an undisclosed amount from Snapdeal founders Kunal Bahl and Rohit Bansal. Along with Snapdeal founders, Former IDFC Securities Managing Director and co-Head of Research, Nikhil Vora has also invested in personal capacity.
The company was selling its product on its own store and on marketplaces, however now it has decided to switch to a destination model.
The startup has been able to generate an annual sales run-rate of INR 20 crore and targets to reach the USD 100 million in the next 5-7 years. Its revenue has grown 3 times in the past 6 months and over 50 percent of its sales comes from mobile.
Prabhkiran Singh, co-founder of Bewakoof.com said, “We switched because this is where the future is. India will skip the organized retail revolution and the online retail will emerge to be a bigger market. We believe that 30-40 big online fashion brands with USD 100M+ revenue will be created online. The strongest of brands will become destinations for the consumers and the others will depend on marketplaces for their distribution.”
Previously, the company had plans of raising INR 25 crore to expand its portfolio and increase its presence across brick-and-mortar retail stores across India. Started in 2012 by Prabhkiran Singh and Siddharth Munot, the brand sells only on its website and shopping app, also has associations with Bollywood for its merchandise.
Image Source: Bewakoof.com