<article><a style="color: #000080;" href="http://www.dealstreetasia.com/?s=koovs" target="_blank">Koovs Plc</a> has raised £10.9 million ($13.5 million, or Rs 92 crore) from media house <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Times+of+India+Group" target="_blank">Times of India Group</a> and other new and existing investors, the company said in a statement.</article>

<a style="color: #000080;" href="http://www.dealstreetasia.com/?s=koovs" target="_blank">Koovs Plc</a> has raised £10.9 million ($13.5 million, or Rs 92 crore) from media house <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Times+of+India+Group" target="_blank">Times of India Group</a> and other new and existing investors, the company said in a statement.
The fundraising is a part of the final tranche of the company&#8217;s three-year investment programme to raise around £35 million, announced in September 2015. It brings the total raised under this programme to £31 million till date.
In the fresh tranche, Times of India invested £3.9 million and rest £7 million is raised by other investors.
The company also has “firm indications of interest” amounting to about £2 million of additional investment from other investors and has authorised its broker Peel Hunt to raise the amount.
According to the statement, Koovs Pls, the UK-based parent of Indian lifestyle e-tailer Koovs.com, is issuing 21,700,000 new ordinary shares at 50 pence each. The broker option will also be at an issue price of 50 pence per ordinary share and will be limited to 4 million shares, closing on November 18, 2016.
&#8220;The investment from Times of India, will give us access to TV, outdoor and digital platforms in addition to print and radio and will help to incrementally extend our coverage nationwide,&#8221; said Mary Turner, CEO, Koovs.
In May this year, <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=HT+Media" target="_blank">HT Media</a> acquired 8.31 per cent stake in Koovs plc, the UK-based parent of Indian lifestyle e-tailer Koovs.com for 3 million pounds (about $4.4 million). Before this, the company had raised £21.9 million ($32 million or Rs 212 crore) from existing and new investors including the Nahata family and Michiniko in April 2016.
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Koovs Plc has raised £10.9 million ($13.5 million, or Rs 92 crore) from Times of India Group and other new and existing investors.

India: Lifestyle etailer Koovs raises $13.5m from Times Internet, others

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India: Lifestyle etailer Koovs raises $13.5m from Times Internet, others

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