Online fashion retailer Koovs plans to raise about Rs. 208 crore this year to spend on marketing and branding activities.
Koovs, a Delhi-based online fashion retailer, is reportedly looking to raise a new funding round of about Rs. 208 crore. The company is aiming to utilize this funding to strengthen its market presence in India and will also spend on marketing and branding activities.
In a media statement, Koovs Chairman Waheed Alli said that they plan to raise about Rs. 450 crore as per their acceleration plan. However, this year, the company plans to raise Rs. 208 crore out of Rs. 450 crore. Mr. Alli further says that this new funding round will be closed in few months.
The company expects its sales in FY18 to be around $20 million. As claimed by the company, as on March 1, 2018, it had a cash balance of $4.8 million and expects a monthly “outgoing” of about $1.03 million.
Koovs, which sells fashion clothing and accessories in India, was launched in September 2012 and was listed on the London Stock Exchange in March 2014. The company claims to be the one-stop online fashion destination for all the fashion needs. It says that inspired by the international runways and the global street scene, it offers wearable fashion at pocket-friendly prices, right to user’s doorstep.
In India, the company competes with the likes of Amazon, Flipkart, Myntra, Jabong, Lime Road, Voonik, Ajio, among other online fashion retailers. In terms of market share, a Hardman & Co Research report says that Koovs currently has a market share of 1 percent in India, while Amazon has 16 percent, Flipkart has 26 percent and Myntra has 25 percent.