The company, which makes personalised and quirky brands under the same name, plans to host around 150 brands on its platform but will also continue to be listed as a brand on other marketplaces, cofounder and chief executive Prabhkiran Singh told ET in an exclusive interview.
“This marketplace is launched with an aim to help customers discover unique, creative and fun brands which tend to get lost in large marketplaces algorithms,” Singh said.
The company, which is backed by investors such as , IvyCap and Spring Marketing Capital, has so far raised $23 million.
“We are looking to raise a larger round of $40-$50 million given there is considerable inbound interest and have plans to scale up this marketplace model,” Singh said.
In August, the company raised Rs 60 crore from InvestCorp, IvyCap and Spring Marketing Capital.
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Bewakoof sells apparel and footwear, activewear and innerwear and has also launched a beauty products brand Cosmos.
It plans to enter home décor in the next financial year.
Bewakoof’s products are available both on its own platform as well as on other marketplaces such as Amazon, Myntra, Flipkart, Ajio, Tata Cliq, Nykaa Fashion, and Trell.
“We aim to generate Rs 500 crore brand sales in the next 12 months,” Singh said.
Brands such as Chumbak, Mad over print, Brown Mocha, Fugazee, Peri Pai, Fighting Fame, Urban Estilo, HueTrap, Style Quotient, Dilinger, Smugglerz, Clovia, Noise, boAt, Campus Sutra, Ustraa, Difference of Opinion, among others, sell on its marketplace currently.
“It is going to be a mix of a product company and a platform play,” he said. “If you have a good product, it deserves a good distribution channel.”
The company will invest up to $10-$15 million each year for the next two to three years in its marketplace business.
The company will provide logistics and warehouse support to third-party brands through an owned and leased model, Singh added.
“The market is not what it was a decade back. The ecosystem is much more developed now and you can scale up faster with the help of third-party providers both for warehousing and logistics,” he said.
According to Singh, fashion marketplaces are leaning more towards head-brands and steep offers to drive higher transaction value from customers.
“As a result, brands with strong differentiation and expression lose out on visibility from relevant customer base and, hence, growth. Bewakoof positions itself as a curated marketplace of like-minded brands that are high on expression tailored for customers who are looking for expressive merchandise at the right value,” he added.
Bewakoof sells around 600,000 own brand products each month.
“Bewakoof.com shares similar brand ethos with regards to the product offerings for our consumers. The partnership speaks for both the brand’s millennial and Gen-Z audience who are always on the lookout for quirky yet durable products,” said Vivek Gambhir, CEO of boAt.