Who would have thought that a startup with an initial investment of Rs 30,000 in a dorm room grew to a well-established company generating 200cr revenue at FY20 with 2 head offices and 3 warehouses?
All this was made possible by a 21-year-old boy who started with a dream to enter the online fashion industry. The company has shown exceptional growth from selling 10,000 products in 2012 to 2 crore products online by 2020.
The Mumbai-based D2C startup has recorded a 27% hike in their revenue FY20. Their operations have increased to 208cr from 162cr it earned in FY19. In the latest round of funding, the company has also raised 70cr with global alternative asset manager Investcorp. Bewakoof’s quirky, humorous and unique messaging over the Tee shirts and other accessories have captured the market and made their mark.
The major USP of Bewakoof.com is good quality products at affordable prices.Tweet
Prabhakaran Singh also mentioned that “We were one of the first fashion brands in the country to not only use India-inspired messaging on western clothing but also regional language prints – be it in Hindi, Marathi, Bengali, and other languages. With the smaller towns of India going online in the last three years, the USP of Indian Inspiration and regional languages have helped the brand grow further”.
In one of his interview IITians, Prabhkiran Singh and Siddarth Munot, the founders of bewakoof.com, quoted that “In a world of its co-founder, “we are a brand that was built on social media.” Within 8 years of establishment, one of the achievements is the mobile application has more than 10 million downloads from App store and android platforms. Their social media presence has overall figures of more than 4.6 million followers on Facebook and 1.2 million followers on Instagram.
One of the major reasons for this enormous success is that the company has more than 25+ official tie-ups with major brands like Marvel, DC, Disney, etc., and has been one of the official merchandising partners for KKR in the Indian Premier League. Staying updated on the trend and implementing them on merchandise has captured the attention of a major segment of the millennials and Gen Z; this has resulted in a tremendous increase on social media platforms.
How did the company tackle the Pandemic?
As the fashion industry came under the non-essential category, the company came down to zero revenue during the lockdown. The company had to draw up new plans based on assumptions during COVID-19. The company started selling face masks and sanitizers when there was a huge scarcity in the country. Concentrating on lockdown essentials like pajamas, boxers, shorts, and casual t-shirts boosted the sales, and introducing a customer loyalty program has also helped come back to its normal pace.
Currently, the company has been back on track and has reached pre-COVID-19 levels in terms of revenue and customer traffic. One of the major transitions which they have adapted is before the pandemic they have 100% inhouse manufacturing unit, but now they outsource almost 50% of the activity from third party players. As the company has lost a couple of months of revenue, the company is looking to end 150-200cr in FY21.
The future for the company also looks bright!
Ttheir recent revenue of 200cr in FY20 has been wisely spent as the company is looking for growth and expansion at full throttle. The company is aiming to reach 1000cr in the next three years, for which the company has recently shifted to AWS, which will bring down cloud costs by 15-20% in coming years, which is a significant number.
The move to AWS also drives three growth factors which are Platform transition, regionalization, and improving the shopping experience. This move has already started to deliver results; monthly active users have been increased from 10 million to 45-50 million on average.
From shifting to AWS, outsourcing the manufacturing, and introducing the customer loyalty program, a lot has changed from the company perspective due to the pandemic. The company is ready to face any challenges ahead and achieve the goal of 1000cr within the next 3 years.
Here are 3 things that make Bewakoof.com, BRANDxHOOD worthy!
🌟 Strong brand community #FanBook
🌟 Affordable and Uber-Cool Fashion
🌟 Meme-Friendly and Crowdsourced Designs
We sure are excited to continue tracking the rise of this uber-cool online fashion store for the youth. Are you?
This post is powered by BRANDxHOOD and written by Sudarshan Gurram (LinkedIn), an ex-Amazonian, ex-Pepperfry, Omni Channel, and E-Commerce enthusiast who is currently working in Walmart as a program analyst.