Fashion startup 'Koovs' plans to raise $31.88 million to expand into the Indian online clothing sector

According to foreign media entrackr, online fashion startup Koovs plans to raise $31.88 million to expand its marketing and business growth plans.

Regarding the size of the Indian fashion circle, there are two kinds of data. One data says that India's fashion e-commerce will reach 30 billion US dollars in 2020, and the other data says that it will reach 7-9 billion US dollars in 2020. Both data are actually correct.

Because many Indian fashion e-commerce companies are actually clothing e-commerce companies, the figure of US$30 billion includes all online clothing and shoes sales. The figure of US$7-9 billion is estimated from the perspective of the fashion industry based on the degree of networking. This figure is also closer to the real fashion product market.

Founded in 2010, Koovs offers a unique range of Western-style clothing, accessories, jewellery and beauty products. The fashion platform claims it sells around 150 new products a week and has also launched its own brand.

Koovs is registered in the UK and was listed on the London Stock Exchange's AIM in 2014, raising $27.2 million. However, all of the company's operations are in India, and its early investors include British businessman Waheed Michiniko, who has now transitioned to politics (he is also one of Koovs' early founders), the Nahata family, and institutional investment company Michiniko.

In 2015, the company set a three-year funding plan to raise a total of $43.3 million. With the completion of this latest round of financing, their current financing amount has reached $38.4 million.

Koovs CEO Mary Turner said in a statement:

With the growth of middle-income people in urban centers, the number of Internet users in India has exceeded 400 million, and more and more people can easily connect to the Internet, which further drives the growth of the local e-commerce market. This investment can help Koovs continue to consolidate its leadership in the Indian fashion e-commerce industry.

The company had revenue of $25.8 million in its last fiscal year and expects to be profitable this fiscal year.

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