Koovs completes £12.9m fundraise early

17th Nov 2016 14:43

(ShareCast News) - India-focused online fashion retailer Koovs confirmed the completion of £12.9m funding on Thursday, including a strategic investment of £3.9m from The Times of India Group, £7m from new and existing investors and the early closure of the broker option due to excess demand.The AIM-traded firm said the capital raised will be used to continue to execute the company's five-year growth plan, to extend the product range and build on its highly unique and successful 'Step Into Koovs' brand campaign.It said that campaign has already raised brand awareness from less than 1% to 18% between November 2015 and August this year, and more than doubled both weekly web traffic to over 1.4 million and registered social followers to 1.7 million.The strategic partnership with The Times Group will give Koovs access to multiple channels nationally across television, print, radio, outdoor, online and digital, enabling the company to further amplify and extend Koovs' brand reach efficiently through highly relevant and integrated media assets."The Indian e-commerce market is undergoing exceptional growth driven by the internet connected middle class in urban centres and Koovs is outperforming growth in this sector," said CEO Mary Turner."This investment puts Koovs is in a strong position to lead in this rapidly growing new e-commerce market as we continue to focus on building the business to become India's most famous destination for affordable western fashion."