Global alternative asset manager Investcorp on October 14 said it has led a $11.2 million (about Rs 79.5 crore) investment in Bewakoof Brands (Bewakoof.com).
Founded in 2011 by Prabhkiran Singh and Siddharth Munot, Bewakoof.com is a direct-to-consumer online apparel company. IndigoEdge was the advisor to Bewakoof.com for the deal, a statement said.
Bewakoof.com has strengthened its sales to more than 650,000 products per month with a customer base of over 4 million.
“Having grown significantly in the last couple of years, we will continue investing in improving the customer experience through technological innovation and focusing on talent acquisition,” Bewakoof Brands co-founder and Director Prabhkiran Singh said.
Gaurav Sharma, Co-Head of Private Equity, Investcorp India, said Bewakoof.com has an impressive team led by its founders and the company offers products that are focussed on innovation, affordability, capital efficiency and bottom-line contribution.
“All these factors make us believe that Bewakoof.com is a unique company amongst Indian digital consumer brands,” he added.
Investcorp had raised Rs 1,000 crore in its maiden India-focussed private equity fund. The new fund targets investment opportunities across three key sectors – mass-market consumer, financial services and healthcare. Other than Bewakoof.com, the fund has so far invested in four companies – Incred, ASG, Zolo and Citykart.
Investcorp manages over $28 billion globally.