Fashion Startup 'Zouk' readies to raise $10 million in new Funding round
Zouk, a direct-to-consumer (D2C) apparel firm, is in advanced discussions to acquire capital, people with knowledge of the process told Entrackr. This round of funding for the Mumbai-based firm, which purports to produce cruelty-free goods, comes after more than 18 months.
Several startups, including AgroStar, Altum Credo, Ergos, GoDesi, Milk Mantra, and Newtrace, have received funding from Aavishkaar Capital.
As the company established in the year 2015 by Disha Singh & Pradeep Krishnakumar, Zouk specifies in dealing with laptops, sling bags, tote purses, and chain wallets. The startup claims that all of its products are manufactured by in-house artisans using leather that is 100% vegan and is sourced and manufactured in India.
Stellaris Venture led Zouk's $3 million fundraising effort in March 2023. The round included participation from angel investors such Kaushik Mukherjee and Vineeta Singh, the founders of Sugar Cosmetics, and Manoj Meena, the founder of Atomberg. To date, the company has secured over $4.5 million, with Stellaris leading a $1.5 million pre-Series A Funding round and Titan Capital leading an unknown seed round in July and January 2021, respectively.
According to additional sources, Zouk's valuation will be between $50 million and Rs. 400 crore. According to TheKredible, a startup data analytics platform, Zouk's most recent fundraising round valued the company at about $7 million.
When compared to Rs 21.82 crore in FY22, Zouk reported revenue of Rs 47.41 crore for the fiscal year that concluded in March 2023. During that time, the company's losses increased to Rs. 10.55 crore from Rs 77 lakh. It has not yet submitted FY24 figures.
Founders of Zouk, Singh and Krishnakuma, each held a 31% ownership in the business at the time of the most recent investment, with Stellaris holding a 19.63% stake.
One of the sources subjected to this matter says, “Aavishkaar Capital has issued a term sheet and has completed due diligence. The impact fund, along with existing backer Stellaris Venture, will invest over $10 million,” said one of the sources, requesting anonymity as discussions are private”.
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Several startups, including AgroStar, Altum Credo, Ergos, GoDesi, Milk Mantra, and Newtrace, have received funding from Aavishkaar Capital.
As the company established in the year 2015 by Disha Singh & Pradeep Krishnakumar, Zouk specifies in dealing with laptops, sling bags, tote purses, and chain wallets. The startup claims that all of its products are manufactured by in-house artisans using leather that is 100% vegan and is sourced and manufactured in India.
Stellaris Venture led Zouk's $3 million fundraising effort in March 2023. The round included participation from angel investors such Kaushik Mukherjee and Vineeta Singh, the founders of Sugar Cosmetics, and Manoj Meena, the founder of Atomberg. To date, the company has secured over $4.5 million, with Stellaris leading a $1.5 million pre-Series A Funding round and Titan Capital leading an unknown seed round in July and January 2021, respectively.
According to additional sources, Zouk's valuation will be between $50 million and Rs. 400 crore. According to TheKredible, a startup data analytics platform, Zouk's most recent fundraising round valued the company at about $7 million.
When compared to Rs 21.82 crore in FY22, Zouk reported revenue of Rs 47.41 crore for the fiscal year that concluded in March 2023. During that time, the company's losses increased to Rs. 10.55 crore from Rs 77 lakh. It has not yet submitted FY24 figures.
Founders of Zouk, Singh and Krishnakuma, each held a 31% ownership in the business at the time of the most recent investment, with Stellaris holding a 19.63% stake.
One of the sources subjected to this matter says, “Aavishkaar Capital has issued a term sheet and has completed due diligence. The impact fund, along with existing backer Stellaris Venture, will invest over $10 million,” said one of the sources, requesting anonymity as discussions are private”.
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