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D2C fashion brand Zouk set to raise $10 Mn led by Aavishkaar Capital

EntrackrEntrackr · 10m ago
D2C fashion brand Zouk set to raise $10 Mn led by Aavishkaar Capital
Medial

Direct-to-commerce (D2C) fashion brand Zouk is in late-stage talks to raise a new round, sources aware of the development told Entrackr. The new round is coming after more than 18 months for the Mumbai-based startup, which claims to make cruelty-free products. “Aavishkaar Capital has issued a term sheet and has completed due diligence. The impact fund, along with existing backer Stellaris Venture, will invest over $10 million,” said one of the sources, requesting anonymity as discussions are private. Aavishkaar Capital has invested in several startups including AgroStar, Altum Credo, Ergos, GoDesi, Milk Mantra and Newtrace. Launched in 2015 by Disha Singh and Pradeep Krishnakumar, Zouk majorly deals in laptop, tote handbags, sling bags and chain wallets. As per the company, its products are handmade by its in-house artisans, and are 100% vegan leather sourced and manufactured in India. In March 2023, Zouk raised $3 million led by Stellaris Venture. Angel investors such as Atomberg founder Manoj Meena and founders of Sugar Cosmetics Vineeta Singh and Kaushik Mukherjee also participated in the round. It has raised more than $4.5 million to date including $1.5 million pre Series A round led by Stellaris and an undisclosed seed funding led by Titan Capital in July and January 2021, respectively. Sources added that Zouk will be valued in the range $50 million (Rs 400 crore. As per startup data intelligence platform TheKredible, Zouk was valued at around $7 million during the last financing round. Queries sent to Zouk and Aavishkaar didn’t elicit any response. For the fiscal year ended in March 2023, Zouk registered Rs 47.41 crore revenue against Rs 21.82 crore in FY22. The company’s losses surged to Rs 10.55 crore from Rs 77 lakh during the period. It is yet to file FY24 numbers. As of the last funding, Zouk’s founders Singh and Krishnakuma had 31% stake each in the company while Stellaris was the largest external shareholder with 19.63% stake. Check TheKredible for more details.

Magicpin adds 6,000 stores in FY25, drives $120 Mn fashion sales

EntrackrEntrackr · 3m ago
Magicpin adds 6,000 stores in FY25, drives $120 Mn fashion sales
Medial

Magicpin, a platform focused on offline retail, has added 6,000 new fashion stores from over 100 brands in the last fiscal year (FY25). This takes its total to 16,000 stores and over 250 brands in the fashion category. In the same period, the platform helped generate Rs 1,000 crore ($120 million) worth of business for these fashion brands. Some of the major brands onboarded in the last two years include Puma, Van Heusen, Shoppers Stop, Levi’s, and Bata. "We are excited to witness the robust growth of our fashion business, which has been a core focus area for us. Adding 6000 fashion stores across 100 brands taking it to 16,000 fashion stores and 250+ brands live on the platform highlights the immense value magicpin creates for offline retailers and brands,” said Naman Mawandia, CXO - Enterprise Brands at magicpin. Magicpin operates in 20 cities and uses real-time data to offer targeted promotions. It works on a pay-per-conversion model, helping brands increase sales through local campaigns. The company launched a new deal section called ‘magic9’ on its homepage. It offers product-level promotions on fast-moving items with low prices to make buying quick and easy. Magicpin also claims to have doubled its fashion catalogue to 10 million SKUs and plans to grow further in 2025. The company said it aims to partner with more fashion stores as demand for both Indian and international brands increases. The firm currently offers rewards and discounts across more than 275,000 stores, covering food, fashion, and other categories.

D2C brand Zouk raises $10 Mn led by Aavishkaar Capital

EntrackrEntrackr · 9m ago
D2C brand Zouk raises $10 Mn led by Aavishkaar Capital
Medial

Zouk, a direct-to-consumer bags and luggage brand, has raised $10 million in its Series B funding round, led by Aavishkaar Group. This round also saw participation from Stellaris Venture Partners, Titan Capital, Sharrp Ventures, and the JJ Family, bringing Zouk’s total funding to $14.5 million. Entrackr reported on October 7 about Zouk's new funding round. With the fresh capital, Zouk will focus on expanding its network of exclusive brand outlets, aiming for a total of 75 stores. The firm also plans to enhance its marketing efforts and supply chain while investing in talent across various verticals. Founded in 2015 by Disha Singh and Pradeep Krishnakumar, Zouk specializes in handmade products, including laptop bags, tote handbags, sling bags, and wallets, all crafted from 100% vegan leather sourced in India. With over 700,000 customers served, the startup is also venturing into the luggage segment with new backpacks and trolley bags, anticipating strong growth in this area. Sources indicate that Zouk will be valued in the range of $50 million (approximately Rs 400 crore). According to the startup data intelligence platform TheKredible, the Mumbai-based startup was valued at around $7 million during its last round. At the time of the last funding round, co-founders Disha Singh and Pradeep Krishnakumar each held a 31% stake in the company, while Stellaris was the largest external shareholder with a 19.63% stake. For the fiscal year ending in March 2023, Zouk reported a revenue of Rs 47.41 crore, up from Rs 21.82 crore in FY22. However, the company’s losses increased to Rs 10.55 crore, compared to Rs 77 lakh in the previous year. Zouk has yet to file its numbers for FY24. Lead investor Aavishkaar Capital has previously backed several startups, including AgroStar, Altum Credo, Ergos, GoDesi, Milk Mantra, and Newtrace.

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