Indian etailer Koovs has confirmed plans to raise up £18.9m in a bid to drive brand awareness and fund growth plans.
The young fashion etailer is looking to raise the total through secured convertible loan notes. Investors have expressed interest in acquiring around £8.9m of convertible loan notes, including £7.4m from director Lord Waheed Ali. Koovs has also received “strong interest” for another £7.5m of convertible loan notes, and has the potential to secure another £2.5m.
Chief executive officer Mary Turner said: “The additional capital will enable us to continue to build on the strong year-on-year growth of 87% achieved in FY17 and deliver our strategy to become India’s number one western fashion destination by 2020.”
Koovs increased sales by 87% to £18.6m for the year ending 31 March, while units shipped and repeat customers grew 100% compared with the previous year.