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Koovs raises further funding

Indian etailer Koovs has received a further £10.9m of new funding, including £3.9m from The Times of India Group.

Koovs

The remaining £7m investment was from new and existing shareholders.

The new capital is part of the firm’s three-year investment programme to raise approximately £35m, announced in September 2015. It brings the total raised under this programme to date to £31m.

The company has indications of interest of a further £2m investment from other investors and has authorised its broker Peel Hunt to raise up to £2m.

Mary Turner, chief executive of Koovs, said: “Expansion of the ecommerce market in India is both rapid and significant, and Koovs is growing faster than the market rate, so this is an exciting time for us.

“We have a unique brand position, exclusive products and a strong following amongst India’s young, aspirational, fashion conscious twenty-somethings. Securing this funding is an important milestone and a strong validation of investor confidence in our ability to deliver.”

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