Koovs wants to be the next ASOS
By Karan Choudhury & Alnoor Peermohamed|Business Standard | Vjmedia Works | March 13, 2014
Company that started in fashion retailing in the country last February, aspires to be the Indian equivalent of UK's leading online chain ASOS and Vanci.com of China
Soon after the London listing, where the company has already raised $37 million (Rs 225 crore), Anant told Business Standard, "someone has to lead the wayâ€. The company that started in fashion retailing in the country last February, aspires to be the Indian equivalent of UK's leading online chain ASOS and Vanci.com of China. "We expect to be the largest fashion destination in the country in about three to five years,â€ said Anant.
The company decided to go for an IPO because "we believe e-commerce is a long game and in this journey we will need more partners and funds,â€ according to Anant, who has an Economics degree from the University of Pennsylvania and has investment banking experience in Singapore and New York. "More importantly, we wanted a corporate governance structure in place with real valuation of the company.â€
The company had started with an initial capital investment of about Rs 140 crore ($23 million) contributed from Nahata family of HFCL and other key investors.