Koovs PLC, a Delhi and UK based fashion retailer have confirmed a raise of $31.9 million as a capital. The funding includes investment from both new institutional investors Ruffer LLP and their existing shareholders. The funding will be utilized to increase the growth of the company.
In May, Koovs entered into a marketing campaign in its next phase of its multi-channel. It will extend their business in 5 more cities. In November last year their campaign was launched, and the awareness of their brand increased from >1% to 8% and have over 1 million web visits per week.
By 3rd January 2016, the portal sales went upto 210% from INR 9.55 crore last year to INR 29.56 crore in present year. Their conversion rate is 1.4% nad have 12.7 million visitors on their website.
In the next 5 years Koovs PLC aims to build Koovs.com into India’s one stop digital fashion website by bringing some international brands to the users, to provide reasonable price and better quality for their products.
Mary Turner CEO of Koovs said
“This fundraising is a part of our planned growth, and will allow us to continue to build our brand, develop our customer offer, and deliver our strategy to become India’s number one western fashion destination by 2020.”
Koovs india is a online shopping portal and operated exclusively as a wholesale trading entity which supply branded products. It raised $32.1 million in 2014 by offering 24,110,719 ordinary shares with a issue price price of 150 pence for every 1 pence each, which in short represents for 60.8% of company’s total share capital.