HT Media picks up 8.2 per cent stake in Koovs

Indian newspaper publisher HT Media has invested 3 million pound (around Rs 29 crores) in the UK-based online fashion store Koovs for an 8.2 per cent stake. Shares under the deal were issued at 25 pence each.

Koovs is in discussion with other investors as well in order to close its current funding round by June 30. The funds invested in Koovs will be used for investments in marketing. It will continue to use the assets of HT Media to build brand awareness in India and accelerate growth. Koovs CEO Mary Turner points out that the company’s ambition remains to become India’s number one western fashion destination by 2020.

Koovs has already raised 300,000 pounds (Rs 2894,454 lakh) from Dragon Asia Holdings. After this investment, Dragon Asia has a 19.2 per cent stake in the company. Recently, Koovs had announced that it raised gross proceeds of 21.9 million pound (over Rs 200 crores ) as part of an initial tranche of capital raising.

HT Media owns English newspaper Hindustan Times, Mint, and Hindi daily, Hindustan. It also owns digital properties and an FM radio channel.