Snapdeal founders invest in Bewakoof.com

Snapdeal founders Kunal Bahl and Rohit Bansal have invested an undisclosed amount in Mumbai-based online apparel startup Bewakoof.com. Along with Snapdeal founders, Former IDFC Securities Managing Director and co-Head of Research, Nikhil Vora has also invested in his personal capacity. The company was selling its product on its own store and on marketplaces, however now it has decided to switch to a destination model.

The company has been able to generate an annual sales run-rate of Rs 20 crores and targets to reach the 100 million dollars (over Rs 630 crores) in the next 5 to 7 years. Its revenue has grown three times in the past six months and over 50 percent of its sales are generating through mobile-shopping.

Started in 2012 by Prabhkiran Singh and Siddharth Munot, the brand sells only on its website and shopping app, also has associations with Bollywood for its merchandise. Earlier, in December, Snapdeal founders had participated in a 200,000 dollars (over Rs one crore) investment round in a Delhi-based startup, Gigstart, an online party planning marketplace.