Koovs, India and United Kingdom based fashion eCommerce platform, has raised $3.4 Million as strategic investment from HT media Ltd. The raised capital comes against the issue of 12,000,000 ordinary shares at a price of INR 25 ($0.37) per share.
Earlier in 2016, the company had raised $31.9 Million from existing as well as the new investors as a part of the initial tranche of the investment. The current investment comes as the second tranche and the company is in further talks with the investors to close the round by the end of this month.
Speaking on the development, Mary Turner, CEO Koovs stated that the latest investment is to carry on the momentum of the raised capital and this will help to build a better awareness around the brand along with boosting the sales. With the raised funds, the company plans to further strengthen its approach to become the leading platform in India for western outfits by 2020.
The raised funds will also be used in marketing to reach out to more potential customers and with the help of HT Media, the company is looking to accelerate the online and offline marketing to build a better awareness around the brand and accelerate the growth of the company in India.