• Home
  • News
  • Business
  • Koovs raises fresh funds, Times of India among investors

Koovs raises fresh funds, Times of India among investors

By Meenakshi Kumar

loading...

Scroll down to read more

Koovs has a new strategic partner in the Times of India which will give the e-commerce website access to the television, outdoor and digital platforms in addition to print and radio and will help to incrementally extend its coverage nationwide.

The UK-based online fashion player Koovs has raised 10.9 million pounds (about Rs 92 crores) from existing and new shareholders, including 3.9 million pounds (around Rs 33 crores) from the Times of India Group . This round of capital raised is the last tranche of the company's three year investment strategy to raise approximately Rs 296 crores. Koovs will use the funds to expand its product range and invest in infrastructure like technology and innovation.

Koovs clocked Rs 47.3 crores in gross merchandise value during the four months ending July 31. The company runs an inventory-led model. Headquartered in London, Koovs offers its own private label, apart from more than 150 international brands of clothing, footwear and accessories through its website and mobile app. Koovs receives 3,000 to 4,000 orders a day with an average ticket size of Rs 1,500 to Rs 1,600.

The retailer is looking to add 500 to 600 style lines per month. Koovs has launched designer labels Gauri and Nainika in keeping with its plan of introducing two or three designer collaborations each year to expand its product offering.

Koovs