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UK-based online fashion player Koovs on Wednesday announced raising £3.3 million (over ₹30 crore) from HT Media Ltd and Dragon Asia Holdings Pte Ltd to fund its marketing and brand building activities in India.
Koovs said it has issued 1.2 crore new ordinary shares at a price of 25 pence per ordinary share to HT Media, translating to 8.2 per cent stake in the enlarged issued share capital of the fashion portal.
Similarly, the company issued 12 lakh new ordinary shares at a price of 25 pence per share to Dragon Asia Holdings Pte Ltd, taking total holding in it to 19.2 per cent. “This investment shows further momentum in our capital raising and supports our focus on marketing in order to accelerate brand awareness and sales growth for Koovs in India.
Our ambition remains to become India’s number one western fashion destination by 2020,” Koovs CEO Mary Turner said in a statement. In April, Koovs had announced raising of £21.9 million in the initial phase.
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