Online fashion retailer Koovs has posted gross sales worth Rs 29.56 crore for the trading period of September 28, 2015 to January 3, 2016. In contrast, the company had posted gross sales worth Rs 9.55 crore in the same period last year. This represents a growth of 210%.
Readers will note that this is the gross sales order value placed through website including taxes. This does not represent the revenue of the group.
The company also said that it saw 12.7 million visitors to the website during the above mentioned trading period, showing a growth of 98% from 6.4 million in the same period last year. The company reported a shopping cart conversion rate of 1.4% compared to 0.8% in the same period last year.
Koovs said it is in the final stages of another fundraising round of approximately £4 million. This will include further participation from the company’s director. “This funding will allow the company the flexibility to take a measured and strategic approach to the timing and terms of subsequent equity raises within the stated overall equity funding requirement,” the company added in a statement.
In 2014, Koovs raised £22 million by offering 24,110,719 ordinary shares of 1 pence each at an issue price of 150 pence each, which represents for 60.8% of the company’s total issued share capital. After deducting underwriting discounts and other expenses, Koovs got round £20.4 million from the offering.
Listing on stock exchange
Koovs filed for an IPO on AIM (Alternative Investment Market), a sub-market of the London Stock Exchange that offers smaller companies a more flexible regulatory system than applicable to the main market. Following the completion of IPO, Koovs plc subscribed for shares in Koovs India and became the majority owner of Koovs India with 57.5% stake. Since foreign direct investment is not allowed in e-commerce in India, Koovs India operates as a wholesale trading entity supplying branded and private label fashion products only to Marble E-retail Private Limited.
Marble E-retail Private Limited which is independently owned and managed operates the Koovs.com portal under license from Koovs India and act as the retailer for consumers.