Modern Indian lifestyle brand Zouk has raised USD 3 million in fresh capital. The round was led by Stellaris Venture Partners and saw participation from Sharrp Ventures, JJ Family Office, Deutsche Bank India CEO Dilip Khandelwal, Manoj Meena of Atomberg and Vineeta Singh, Kaushik Mukherjee of Sugar Cosmetics. Founded by IIM Ahmedabad batchmates and husband-wife duo Disha Singh and Pradeep Krishnakumar, Zouk operates in the Bags, Wallets and Footwear category. The brands claims that it has grown tenfolds from the last funding round in mid 2021 and today has over 400,000 happy customers across India. In 2022, the startup expanded into the Footwear category as well.
With this new influx of capital, Zouk plans to expand its product portfolio and increase its distribution channels by launching 5 exclusive brand outlets this year. The company, in a statement, it envisages capturing a significant share of the bags and accessories market of India that is estimated to grow at a CAGR (compound annual growth rate) of 12 per cent to reach USD 10.6 billion by 2024.
Commenting on its future plans, Founder Disha Singh said, “The next 18 months is going to see some exciting things from our side. We are rapidly expanding our collection on the Bags and Footwear side, to offer a wider collection of Proudly Indian products. Our recent launches of Backpacks, Baguettes and Clutches have been a big hit. On the distribution front, we are now available in over 50 offline retail touch points. We will further see our first set of brand outlets. We will also be building our brand awareness, having hit early product market fit now. The biggest investment though will be on expanding our team and strengthening our supply chain.”
Co-Founder Pradeep Krishnakumar shared, “We have always focussed on building a capital efficient business. That DNA enabled us to raise this round at a time when fundraising is difficult. This is a true testament to the brand love and support we have received for our products so far. In fact, from the last raise in mid 2021, we have grown nearly tenfold. This fundraise now enables us to massively scale up further and build a large consumer brand in the lifestyle space.”
The brand also got an investment this time from Shark Tank judge Vineeta Singh, Founder and CEO of Sugar Cosmetics. She said, “Zouk has taken a pole position with their Proudly Indian design language and content on social media. I have closely seen Disha’s journey for the past few years and the growth in the brand has been phenomenal. I am excited to be a part of their journey.”
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