UK based online fashion player Koovs plc today announced raising 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.
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 in India by 2020,” Koovs CEO Mary Turner said in a statement.
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 represent approximately 10 per cent of the existing issued share capital of the company.
HT Media is one of the leading media companies in India and publishes the English daily Hindustan Times besides owning other media channels covering print, radio, digital and events. HT Media is recognised for investing in digital companies with strong growth prospects in India.
Koovs will continue to use the assets of HT Media to build brand awareness in India and accelerate its growth, the statement said.