Koovs PCL acquires 100 percent stake in Koovs India, raises $31.9 million worth of funds
KOOVS.COM is an online store for western fashion, catering to men’s wear, women’s wear, footwear, accessories, jewellery and beauty products. The company is headquartered in Gurgaon, with office in London, and serves to the Indian market. The website stocks Indian and international brands and its own range of clothing and accessories. KOOVS.COM has also collaborated with international designers to create clothing collections.
As per the latest on the developments related to the startup, Koovs PLC, a New Delhi and UK based fashion etailer, confirms a capital raise of $31.9 million in a general meeting announcement. The funding came through the issue of 87.6 million New Ordinary Shares at a price of 25 pence per Ordinary Share. This capital raising includes investments from both existing shareholders and new institutional investors including Ruffer LLP.
The funds raised will be utilised towards company’s growth and development and the remainder would be used as working capital for the company. The firm is soon planning to launch its next phase of its multi-channel marketing campaign, ‘Step Into Koovs’, that will extend to five additional cities.
KOOVS PLC has also acquired the remaining 38.6% stake in Koovs India, its Indian subsidiary, from Infotel E-Commerce Private Limited (“Infotel”), a company controlled by Anant Nahata. It was an all-cash deal of $13.1 million, thereby regularizing the Group structure with Koovs India becoming a wholly owned subsidiary of the Company.
As per Mary Turner, the CEO of KOOVS,
“This fundraising is a part of our planned growth, and will allow us to continue to build our brand, develop our customer offer, and deliver our strategy to become India’s number one western fashion destination by 2020.”