<article><a style="color: #000080;" href="http://www.dealstreetasia.com/?s=koovs" target="_blank">Koovs Plc</a>, the London-based parent company of Indian e-commerce startup of the same name, has raised £21.9 million ($32 million), mainly from existing investors and the rest from institutional investors, including Ruffer LLP.</article>

<a style="color: #000080;" href="http://www.dealstreetasia.com/?s=koovs" target="_blank">Koovs Plc</a>, the London-based parent company of Indian e-commerce startup of the same name, has raised £21.9 million ($32 million), mainly from existing investors and the rest from institutional investors, including Ruffer LLP.
&#8220;India&#8217;s online fashion market is expected to increase five-fold by 2020 to £1.5 billion (about Rs 14,559 crore) and we have a clear strategy to accelerate Koovs&#8217; growth in this market,&#8221; chief executive officer Mary Turner said in a statement.
In January this year, Waheed Alli and Nahata family also committed an investment of $5.4 millon in the startup.
The company runs an inventory-led model and competes with the likes of Flipkart-owned <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Myntra" target="_blank">Myntra</a> and Rocket Internet’s <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Jabong" target="_blank">Jabong</a>, among others, in the Indian market. It offers its private label apart from over 150 international brands and exclusive style collaborations.
It generated a loss before taxation of Rs 63.25 crore (£6.4 million) for the year ended March 31, 2015.
The funds will be used for a multi-channel marketing campaign, meeting working capital requirements and to acquire the remaining 38.6 per cent stake in in Koovs Marketing Consulting Private Limited. That transaction will make Koovs a 100 per cent subsidiary of its London-based parent.
The stake will be bought from Infotel E-Commerce, a company controlled by Anant Nahata, for £9 million.
Koovs, which focusses on the western wear category in India, has seen registered userbase growing to one million. This is an increase of 226 per cent over the last year.
Also read:
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/?s=koovs" target="_blank">India: E-commerce startup Koovs to raise $28m funding</a> 
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/?s=koovs" target="_blank">Ecommerce startup Koovs posts three-fold jump in sales</a> 
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/?s=koovs" target="_blank">Rocket-backed Middle-East online platform Wadi.com raises $67m Series A</a>
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Koovs Plc, the parent company of Indian e-commerce startup of the same name, has raised £21.9 million ($32 million).

India: E-commerce startup Koovs' UK-based parent raises $32m

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India: E-commerce startup Koovs' UK-based parent raises $32m

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