Mumbai-based online fashion brand, Bewakoof has raised $4 million from IvyCap Ventures. The online retailer that is known for its quirky and pop culture-centric products intends to utilize the fresh capital towards facilitating superior customer experience. The startup will also invest in technology and newer product categories as it prepares for the next phase of growth.

Founded in 2012 by Prabhkiran Singh and SiddharthMunot, Bewakoof is a lifestyle fashion brand that makes creative, distinctive fashion for contemporary Indian buyers. The startup claims to have sold over two million products so far and has a customer base of over 10 million.

The firm had so far raised two rounds of funding, INR 80 crore in 2019 and INR 8 crore in May 2020.

In a statement, Bewakoof said that the firm’s sales were adversely affected by the national lockdown in the early months are likely to be 30-35% lower in 2020-21 as compared to the previous fiscal, the company. But the startup is bullish on the rise of the D2C segment in India along with India’s middle-income group increasing its discretionary spending.

Prabhkiran Singh, Co-Founder, and Director, Bewakoof said, “Having grown significantly in the last couple of years, we will continue investing in improving the customer experience through technological innovation and building a strong team. We expect to cross INR 1000 croress in revenue by FY24, which would make it one of the fastest journeys to touch INR 1000crs by a fashion player in the country," Commenting on the investment, Vikram Gupta, Founder &Managing Partner, IvyCap Ventures Advisors Pvt Ltd, said, “The contemporary offerings of the Bewakoof make it stand out from the rest in the segment of the industry. The Company has built a strong connection with its customers and we believe that our investment in the company will help further establish its leadership in the market.