Online fashion retailer Koovs has posted gross sales worth Rs 47.3 crore (£5m) for the trading period of April 1 to 31 July 2016. In the same period last year, the company had posted gross sales worth Rs 22 crore. This signifies a growth of 115% year-over-year in gross sales. Note that this value is equal to the gross sales of orders placed (including taxes) via the ecommerce store and does not represent the revenue of the company.

In the previous quarter, Koovs had posted gross sales worth Rs 29.56 crore for the trading period of September 28, 2015 to January 3, 2016, representing a 210% y-o-y growth. The fashion group claims to have more than 1.2 million registered during April 1 to 31 July 2016; in the same period last year, Koovs claimed to have 0.4 million registered users.

The company also said that it had 1.4 million weekly visitors to the website during the above mentioned trading period, registering a growth of 98% from 0.6 million weekly visitors in the same period last year. It has also reported a shopping cart conversion rate of 1.4% compared to 1.3% in the same period last year. The company’s claim of 115% sales growth y-o-y is “ahead of India’s market benchmarks of 50% annual growth in ecommerce, and 75% in online fashion,” Koovs added in a statement.

Private Label business:  The number of lines or category of apparels offered by its private label—Fashion Basics and K Denim—is now 10,000, and accounted for over 42% of all sales. It plans on adding more categories in the future with recent additions including Knitwear, Party wear, and Tailoring categories.

HT Media stake: In May, HT Media said that it will acquire 8.31% stake in Koovs for GBP 3 million, which is approximately $4.4 million. This was a strategic investment and HT Media acquired 12 million equity shares in Koovs plc, at GBP 0.25 each, in cash. The HT Media stake purchase was also an ad for equity deal.

Also Read: HT Media expects ecommerce cos to continue advertising but does an ad for equity deal with Koovs

Funding and Koovs India stake purchase

In May, the company had raised £21.9 million (~$32M) through the issue of 87,600,000 new ordinary shares at a price of 25 pence per ordinary share. The funds were raised from both existing and new investors including Ruffer LLP. The fashion group planned to use the fresh funds for working capital, and to acquire the remaining 38.6% stake in Koovs Marketing (Koovs India), which would result in Koovs owning 100% of the subsidiary.

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.

Listing on stock exchange

Koovs filed for an IPO on AIM (Alternative Investment Market), a sub-market of the London Stock Exchange. 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.