Online fashion platform Koovs raises $31.9 million from TOI Group

Koovs plc along with its Indian subsidiary has raised $31.9 million from the Times of India Group. 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 fundings will be used for its product expansion and development.

Mary Turner, CEO of Koovs said, “Expansion of the e-commerce market in India is both rapid and significant, and Koovs is growing faster than the market rate, so this is an exciting time for us. We have a unique brand position, exclusive products, and a strong following amongst India’s young, aspirational, fashion conscious twenty-somethings.”

Koovs offers a fashion-forward, value-focused concept for young, fashionable, technology savvy and aspirational consumers in India, with a wide range of branded and private label apparel products. The product is ‘up to the minute’ affordable western fashion inspired by international runways and global street culture. Koovs.com has started to build a community with rich content to enable its target customers to interact and have conversations about fashion.

The key investment proposition behind the funding was and continues to be, the size and growth of the Indian retail market, the favorable demographic shifts in India and the anticipated step-change in e-commerce activity in India. The Group’s vision is to build Koovs.com into India’s number one western fashion destination by 2020 and with a focus on growing market share to greater than 10 percent.