Aditya Birla Fashion and Retail (ABFRL) is trying to make its entry in D2C clothing and accessories brand. It is in the final stages of acquiring controlling stakes in Bewakoof. ABFRL has made an offer of INR 100 cr to take majority stake in Bewakoof.
Both companies have signed non-disclosure and have also finished due diligence. “The team at Bewakoof is also moving join the Aditya Birla’s new firm” says anonymous senior executive.
Bewakoof has great sales and loyal customer base that makes ABFRL to proceed ahead. Usually it is hard to catch new customers to shop online. So ABFRL makes an easy entry to online platform with this deal where it need not worry about catching customer’s attention which Bewakoof has already gained.
Bewkoof founded in the year 2012 by Siddharth Munot and Prabhkiran Singh. It has 250+ working members. It has already sold 1 crore+ products and has 60 lakhs+ app downloads. It is specialized in western style cloths. It has In-house capabilities in design, manufacturing, technology, data science, and marketing.
The company reports annual revenue is INR 250 cr and has raised funds of around INR 160 cr so far. The business investors are IvyCap ventures, Spring Marketing Capital and InvestCorp.
Dhianu Das, c-founder at Agility Ventures said “We are surely going to see a lot more such deals happening in the near future. This also helps early-stage investors get exit opportunities at a time when larger funding rounds look a tad challenging amidst a global economic slowdown,”
Aditya Birla Fashion and Retail Limited is an Indian fashion retail company headquartered in Mumbai. there are 3031+ stores with a presence across 25,000 multi-brand outlets with 6,500+ point of sales in department stores across India.
Edited on 07-12-2022
Aditya Birla group ventures, TMRW has acquired a majority stake around 80% by investing INR 200 cr.
Prashanth Aluru who is CEO and Co-founder at TMRW said, “With Bewakoof’s loyal consumer base and our value-add in design, technology, brand building and supply chain, we aim to scale this brand to INR 500 crore plus in the next 2 years.”
