Koovs seeks to raise up to 18.9 million pounds

London-listed Indian e-tailer Koovs is looking to raise up to 18.9 million pounds in a bid to “build brand awareness and further enhance customer acquisition growth”.

Koovs confirmed that it is looking to raise up to 18.9 million pounds via the issue of secured convertible loan notes, which will include 7.4 million pounds from Lord Waheed Alli, who is chairman of the company.

Lord Waheed Alli, chairman of Koovs, said: "In a short space of time, Koovs has established a track record of superior growth in India's booming e-commerce market. The strong financial and operational progress the company has made to date means it is now better placed than ever to capitalise on the unique growth opportunity that India's fashion e-commerce market presents.

"I am therefore delighted to lend my support to this fundraising. I am extremely excited by Koovs' growth prospects and I am confident that its strategy, exceptionally talented team and the investments we are making, will enable the Company to further outperform the market in which we operate, delivering strong returns for all shareholders.”

Koovs raising funds to build brand awareness

The net proceeds of the total fundraising will be used by Koovs to fund the delivery of its strategic objectives and will primarily be invested in marketing to continue to build brand awareness and further enhance customer acquisition growth.

Mary Turner, chief executive officer of Koovs, added: "Koovs has a unique and distinctive brand position, famous for affordable western fashion, targeting the aspirational, style-conscious young Indian consumer in a market that is forecast to grow five-fold to 3.5 billion dollars by 2020.

"The additional capital will enable us to continue to build on the strong year on year growth of 87 percent achieved in FY17 and deliver our strategy to become India's number one western fashion destination by 2020.”

Image: Koovs website