The D2C online apparel company Bewakoof has announced that it has raised $4 million fund from IvyCap Ventures.

In a statement, the company states that it is planning to utilise this fund to invest in technology and venture into new product categories.

Prabhkiran Singh and Siddharth Munot established Bewakoof in 201. This online apparel store is popular for casual wear and lately it has added ethnic and sleepwear under its categories. However, the company has grown significantly in the last few years and is expecting to cross Rs.1000 crore in revenue by fiscal 2023-24.

According to VCCEdge, the company had attained net sales of Rs.208 crore in financial year 2019-20 as compared to Rs.164 crore the revenue the brand touched the previous year. However, in October 2019, global alternative investment manager Investcorp led an $11.2 million round in Bewakoof. While in 2020, the company had raised about Rs.8 crore in a bridge round from Pranak Consultants Pratithi Investment and Indigoedge Management.

Also, this year the company has witnessed a major transactions in the larger apparel market in India. Thus, in January, Aditya Birla Fashion and Retail signed an agreement to acquire a 51 percent stake in designer brand Sabyasachi Couture.

Likewise, last month, Nalanda Capital tool over a stake in listed apparel manufacturer TCNS Clothing that owns the W brand of womenswear.

Previously, the women’s apparel brands have raised private equity and venture capital funding, such as Biba (Warburg Pincus and Faering Capital), AND (General Atlantic) and High Street Essentials (Elevation Capital).