Bahrain-headquartered Investcorp has led an $11.2 million investment in Bewakoof.com, an online Indian space for fashion. Recently, the global alternative asset management company confirmed about the investment. Investcorp, which provided approx 90% funding in the recent round, would be holding 14% in Bewakoof and a seat on the board.
The Bahraini firm is aiming at a strategy of investing in sustainable business models in India and has raised around $142 million India-centric private equity fund. In addition to Bewakoof, the fund has also made investments in four companies.
According to Investcorp India’s co-head of private equity, Gaurav Sharma, one of the company’s primary investment theses in India is Consumer and consumer technology along with healthcare and financial services. Within the consumer-tech segment, Investcorp is looking for brands that are able to provide access at an affordable price point to Indian customers, and from that point of view, Bewakoof made sense to them as per Mr. Sharma believes.
Operated by Bewakoof Brands Pvt. LTD., Bewakoof.com was founded by Prabhakiran Singh and Siddharth Munot in 2011. The direct-to-consumer (D2C) online fashion retailer is one of the prominent choices of young population of the country when it comes to buying t-shirts, hoodies, sweaters, etc.
“Our first focus will be to further strengthen our platform and capture consumer data to improve their experience on our website by using machine learning. We will be investing in our technology back-end, along with category expansion,” said Prabhkiran Singh, co-founder of Bewakoof.com.