Snapdeal founders Kunal Bahl and Rohit Bansal, have reportedly invested an undisclosed amount in Mumbai-based online apparel startup, Bewakoof.
Along with Snapdeal founders, Former IDFC Securities Managing Director and Co-Head of Research, Nikhil Vora has also invested in personal capacity, reports iamwire.
Earlier the company was selling its product on its own store and on marketplaces, however now it has decided to switch to a destination model.
The startup has been able to generate an annual sales run-rate of Rs 20 crore and targets to reach the $ 100 million in the next 5-7 years. Its revenue has grown 3x in the past 6 months and over 50 percent of its sales comes from mobile.
Prabhkiran Singh, Co-Founder of Bewakoof.com told iamwire, “We switched because this is where the future is. India will skip the organized retail revolution and the online retail will emerge to be a bigger market. We believe that 30-40 big online fashion brands with $100 million+ revenue will be created online. The strongest of brands will become destinations for the consumers and the others will depend on marketplaces for their distribution.” Previously, the company had plans of raising Rs. 25 crore to expand its portfolio and increase its presence across brick-and-mortar retail stores across India.
In 2014, Snapdeal Founders Kunal Bahl and Rohit Bansal had participated in a $ 200,000 investment round in a Delhi-based startup, Gigstart, an online party planning marketplace.
Related Tags:Snapdeal founders Kunal Bahl, Rohit Bansal, IDFC Securities Managing Director, Co-Founder of Bewakoof