Thursday, May 25, 2017
Snapdeal Founders Invest in Online Apparel Startup Bewakoof
Snapdeal Founders Invest in Online Apparel Startup Bewakoof
Mumbai-based online apparel startup, Bewakoof has raised an undisclosed amount from Snapdeal founders Kunal Bahl and Rohit Bansal. Alongside Snapdeal founders, Former IDFC Securities Managing Director and co-Head of Research, Nikhil Vora has likewise put resources into individual capacity.
The organization was selling its product all alones store and on marketplaces, however now it has chosen to change to a terminus model.
The startup has possessed the capacity to generate an annual sales run-rate of INR 20 crore and targets to achieve the USD 100 million in the next 5-7 years. Its revenue has grown 3 times in the past 6 months and in excess of 50 percent of its sales originates from mobile.
Prabhkiran Singh, fellow benefactor of Bewakoof.com said, "We switched on the grounds that this is the place the future is. India will skirt the composed retail revolution and the online retail will rise to be a bigger business. We accept that 30-40 major online fashion brands with USD 100m+ revenue will be made online. The strongest of brands will get to be ends for the customers and the others will rely on upon marketplaces for their distribution."
At one time, the organization had plans of raising INR 25 crore to expand its portfolio and expand its vicinity crosswise over block and-mortar retail stores crosswise over India. Begun in 2012 by Prabhkiran Singh and Siddharth Munot, the brand sells just on its website and shopping application, likewise has relationship with Bollywood for its merchandise.
In December, Snapdeal founders Kunal Bahl and Rohit Bansal had taken an interest in a USD 200,000 speculation round in a Delhi-based startup, Gigstart, an online gathering arranging commercial center.
Image Source: Bewakoof.com
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