Leading online fashion store Koovs.com is set on the path to breaking even by 2019. The company has got yet another round of funding. The investors include media house Times Group, Ruffer Investment, Coller Capital, and Mitchell Capital. Koovs has raised a total of £10.9 million in this round. Earlier this year, the company has raised a total of Rs.398 crores in two rounds of funding.
This investment marks the entry of the Times Group into Koovs’ functioning. With this, Koovs will be able to leverage the former’s media clout.
“We are delighted to bring on board our new strategic partner in the Times of India, a leading media company, which will give us access to television, outdoor and digital platforms in addition to print and radio and will help to incrementally extend our coverage nationwide.”
Turner also said that the money will be put to use in technology and innovation, and add to the products.
Koovs – a brief history
Originally named Silvergate Retail, Koovs was started by Waheed Alli and Robert Bready in the UK. Rajesh Kamra, Manish Tewari, Kanishk Shukla and Amit Shukla registered the Indian arm of the company in 2010.
The company runs on an inventory based model. Initially focussed on mobiles and electronics, it later decided to sell fashion and accessories through private labels and renowned brands.
An earlier round of fund raising (in May 2016) saw the company raise $ 32 million through issue of 87.6 million shares. It looks like Koovs’ ambition of hitting a GMV of Rs. 100 crores by 2019 might fructify as per plan.