Koovs closes fund raising round, musters 26.2 mn pounds

UK-based online fashion player Koovs plc today announced closing of its current round of capital raising, bringing the total sum raised to 26.2 million pounds (nearly Rs 240 crore) from a range of new and existing investors, including strategic investment by HT Media Ltd.
In its third and final tranche of fund raising for the current round (April 29-June 30, 2016), the company today raised one million pounds, finalising an investment from an existing institutional investor through the issue of 40 lakh new ordinary shares at a price of 25 pence per share, Koovs pls said in a statement.
These third tranche shares represent approximately 2.7 per cent of the existing issued share capital of the company, it added.

In line with the company's strategy, the funds will be used for investment in marketing, Koovs said.
"The funds raised provide a strong financial platform from which to deliver our growth plans as we continue to focus on building the Koovs business to become India's number one western fashion destination by 2020," Koovs CEO Mary Turner said.
Koovs' total fund raised in the current round comprised 23.2 million pounds from a range of new and existing investors and another 3 million pounds as strategic investment by HT Media Ltd.
Earlier this month, Koovs plc had raised 3.3 million pounds (over Rs 30 crore) from HT Media Ltd and Dragon Asia Holdings Pte Ltd to fund its marketing and brand building activities in India.

In April this year, Koovs had announced raising of 21.9 million pounds in the initial phase. The second tranche of fund raising from HT Media and Dragon Asia Holdings represented approximately 10 per cent of the existing issued share capital of the company.