During our college days, we always came up with some great business ideas. But, who chases the dreams of engineering life? Well, it might sound surprising but two people made their college dream startup true! It's Siddharth Munot and Prabhkiran Singh, two IITians. These two knew what they wanted and worked on it with all they had.
Siddharth Munot and Prabhkiran Singh founded an incredible E-Commerce startup, named Bewakoof in 2012. They both were from the Civil sector in IIT Bombay. They always wanted to pursue a distinct career. They worked on this plan after graduating from college and put all their efforts in one direction. And that's where Bewakoof was started!
Bewakoof started with an investment of just Rs. 30,000. But the company came out to be splendid and soon, it gained huge success accordingly. As of 2019-20, Bewakoof made an annual turnover worth Rs. 210 crore.
Earlier in 2019, the company raised funding of Rs. 70 crore from the global alternative asset manager Investcorp. The company was launched in April 2012. Bewakoof established a strong and enormous connection with its customers which brought great outcomes for the company.
In this article, we will be discussing the incredibly formed business model of Bewakoof along with its business strategies. Let's get started!
Bewakoof, founded in 2012 by Prabhkiran Singh and Siddharth Munot, is a lifestyle fashion brand that manufacturers very creative and distinct fashion accessories and clothes, following the trends.
The company is based on the principle of producing an impact on people through honesty, innovation, and compassion. Bewakoof is an immense team of 400 people who collectively sold around 5.1 million products from the website.
Bewakoof keeps its product range up-to-date, as around 1 lakh products are sold every month. The company eliminates the middleman and manufactures its products itself.
Bewakoof is the only Indian brand that customized western clothes with India-inspired slags and printed the regional languages such as Marathi, Hindi, Bengali, and others. With digitalization, has grown enormously and brought great deals for the company.
Where does Bewakoof operate?
The very prominent fashion E-commerce brand, Bewakoof is headquartered in Mumbai, Maharashtra, India. As being an E-commerce platform, the company delivers its products in every corner of India through logistics services.
Key Products and Services of Bewakoof
Bewakoof offers tons of customer-based services through its E-commerce platform. The customers get complete access to all the products available on the Bewakoof.com website.
The company manufactures various Men's and Women's clothing including T-shirts, Accessories, Mobile Covers, and many more, at very affordable prices.
Target Audience of Bewakoof
Bewakoof is majorly focused on the person who belongs to the age group of 16-24 years old. The company targets students, professionals, entrepreneurs, and others who are counted in financially stable environments.
Business Model of Bewakoof
The business model of Bewakoof is utterly evolved. The company keeps up the tune with all the important aspects of business, from designing to warehousing. Brand marketing exists entirely through digital platforms whereas the end-to-end productions are held in-house.
Bewakoof promotes its products from two major platforms: Justdial and Facebook. The company also organizes extensive college campaigns which allow students to do Bewakoofy (stupidity) around the campus and they get free t-shirts as rewards from the company.
Bewakoof keeps up with the trends and follows them through their products. They print famous slags and punchlines on their t-shirts to follow social media trends.
Bewakoof is widely famous among the youth. As social media brings out enormous customer engagement to their website. In fact, Bewakoof has over a 1.5 million customers base, and the company keeps up with them to gather more ideas and concepts for their products.
How does Bewakoof make money?
Bewakoof has an estimated annual turnover of $71.8 million every year. The company ties-up with top E-commerce companies to its products by selling them on the company's website. It has tied up with Snapdeal, Seventymm, and Indiatimes Shopping.
The company gets a 27% revenue growth from various operations that are enhanced from Rs. 164.22 crore (FY19) to Rs. 208.33 crore by FY2020.
Bewakoof generates its revenue from various customer deals and operations. The company's estimated revenue value per employee is worth $228.000. It collaborates with various brands and gets the profit percentage in hand.
As of FY19, Bewakoof's operating revenue varied from Rs. 100 crores to Rs. 500 crores. Alongside, the company's EBITDA increases with a percent rate of 65.75. Bewakoof has grown immensely over the past few years. And with its business model, there's a lot on-road as well.
Bewakoof is a very strategic and promising lifestyle fashion brand that ought to be one of the finest. The company has a huge fan base which brings out absolutely tremendous revenue results. The company works on the principle of honesty and thoughtfulness. It works towards minimizing the environmental imprints and enhancing the social impact. Bewakoof has had a long journey since its launch and with such speed, the company is estimated to grow even wider.
Who is the CEO of Bewakoof?
Prabhkiran Singh is the co-founder and CEO of Bewakoof.
When was Bewakoof founded?
Bewakoof was founded by Prabhkiran Singh and Siddharth Muno in 2012.
What is the revenue of Bewakoof?
The revenue of Bewakoof is INR 208.33 crore as of 2020.
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