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Photo credit: 123rf.

Fashion store Koovs has raised US$16 million from India’s largest media house, the Times of India Group, and other investors.

The firm said the fundraising is part of a three-year program to secure US$43.3 million, planned since 2015. With the latest tranche the company has raised US$38.4 million to date.

“The Indian ecommerce market is undergoing exceptional growth driven by the internet connected middle class in urban centers. This investment puts Koovs is in a strong position to lead in this rapidly growing new ecommerce market,” said Koovs CEO Mary Turner in a statement. The store is up against an array of fashion store startups in the country such as Myntra and Jabong.

India’s online shopping market is set to be worth US$23 billion this year, according to the analysts at Emarketer.

Big buddy

The investment from The Times Group – which threw in US$4.8 million – gives the ecommerce firm easy access to advertise across TV, outdoor and digital platforms in addition to print and radio. The Times Group has stakes in numerous other tech companies through its investment arm.

Before this, Koovs – which is based and listed in the UK but operates only in India – had raised US$32 million from existing investors including British businessman-turned-politician Waheed Alli (one of the founders of the original company behind Koovs), the Nahata family, and institutional investor Michiniko. New institutional investors, including private investment firm Ruffer also participated in this round of funding.

Koovs pocketed US$27.2 million in 2014 when it IPO’d on London’s junior stock market, AIM.

Converted from British pounds. Rate: US$1 = £0.81.

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