Lifestyle e-tailer Koovs will get 28 million dollars funding

UK-based Koovs plc, the parent company of the Indian lifestyle e-commerce venture Koovs.com has received investor commitment to raise about 28 million dollars (about Rs 186 crores) for stepping up its marketing and working capital spends.

Mary Turner, CEO, Koovs, has said that this fundraising is part of its planned growth and will continue to help build the brand, develop customer offer, and deliver the strategy to become India’s number one western fashion destination by 2020. Koovs competes with Myntra, and Jabong besides many others. Koovs runs on an inventory based e-commerce model. The company had clocked gross merchandise value of Rs 98.1 crores for the year ended March 31, 2016. This was up 189 per cent over the previous year.

Koovs India was established in May 2010 by Rajesh Kamra, Manish Tewari, Kanishk Shukla and Amit Shukla as a general e-commerce. In 2011, Infotel E Commerce, a company owned by Nahata family, acquired a controlling interest in Koovs India, focusing on sale of mobile phones and other electronic goods. It later focused on fashion apparel and accessories.