Online apparel retailer Bewakoof plans to raise Rs 25 crore in the next few months to fund its growth plans as it looks to expand its portfolio online and increase presence across brick-and-mortar retail stores across India.
Started by IIT graduates Prabhkiran Singh and Siddharth Munot in 2012, the company already has a presence across 30 standalone retail stores in Mumbai.
Besides clothes, Bewakoof.com also retails computer accessories and badges.
"We started the company on April 1 in sync with fool's day. We want to promote 'Bewakoof' as a brand that speaks out its mind in form of creative designs, something that the youth today represents. Going ahead, we want to build the brand across products and also expand across physical stores as well," Bewakoof.com Director Prabhkiran Singh told PTI.
He added that the company already has products selling across 30 stores, which it intends to grow to 200 by the year-end to other cities as well.
"We are targeting the youth, those who follow their passion and interests and this is represented by our product line. In the next few months, we are looking at raising about Rs 25 crore to expand our brand," Singh said.
Bewakoof.com's revenues stood at over Rs 5 crore last fiscal and for this financial year, it expects to clock about Rs 20 crore, he added.
Explaining the firm's ambitious revenue target, Singh said the portal is already seeing monthly transactions of Rs 60-70 lakhs and with its association for Bollywood merchandise, the target is not difficult to achieve.
"Our Facebook page has a following of over 1.3 million fans. Besides, we have partnered with almost all production houses for their movies," he added.
It is the official Bollywood merchandise partner for movies like Gunday, Bewakoofiyaan, Ganga of Wasseypur, Boss and Sholay among others.