Online fashion player Koovs has raised a total of £26.2m, which includes £23.2m from a marquee group of new and existing investors and a £3.0m investment by HT Media Limited.
Koovs issued 4,000,000 New Ordinary Shares at a price of 25 pence per Ordinary Share. This issuance is the third and final tranche of shares to be issued under the Capital Raising which was announced on 29 April 2016 and which closed on 30 June 2016.
Mary Turner, CEO of Koovs said, "We are delighted with the successful closing of this financing round, having secured strong support from international institutional investors and one of India’s largest and most well-respected media groups. 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.”
The funding raised will be used for investment in marketing, the company said.