Bengaluru: Online style retailer Bewakoof has raised Rs thirty crore from homegrown venture capital fund IvyCap Ventures. The money will be utilized to boost branding and technologies, as perfectly as start new product or service types.

Bewakoof has experienced two rounds of funding so far—Rs 80 crore in October 2019 from Bahrain-dependent option asset manager Investcorp, and Rs eight crore in May 2020 in a bridge round from community buyers Pranak Consultants, Pratithi Investment and Indigoedge Administration.

Established in 2012 by Prabhkiran Singh and Siddharth Munot, Bewakoof sells above 20,000 units of clothing and extras a working day. It has a customer base of above 10 million, most of whom are millennials dependent in Tier I, II and III towns, the corporation reported.

The corporation clocked revenues of a lot more than Rs 200 crore in 2018-19, a rarity among the immediate-to-customer (D2C) style brand names, a area which is dominated by Myntra with a business of all over Rs 400 crore.

Bewakoof’s gross sales were being poorly impacted because of to the lockdown in the early months of the Covid-19 pandemic and are most likely to be thirty-35% decrease in 2020-21 as as opposed to the preceding fiscal, the corporation reported in a push launch. But with expanding on line adoption following the pandemic, and India’s center profits group expanding its discretionary spend, D2C brand names are most likely to see a surge—especially at the decrease conclusion of the branded current market.