SUMMARY
- Zouk is in talks to raise over $10M, led by Aavishkaar Capital and Stellaris.
- Founded in 2015, Zouk sells handcrafted, 100% vegan leather bags manufactured entirely in India.
- Revenue grew to ₹47.41 crore in FY23, while losses rose to ₹10.55 crore.
Zouk, a D2C fashion brand, is in advanced discussions to raise funds, according to sources aware of the development, as reported by Entrackr.
“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”, stated one of the sources requesting anonymity.
Zouk was founded in 2015 by Disha Singh and Pradeep Krishnakumar. The firm specializes in selling laptops bags, sling bags, tote purses, and chain wallets, etc. The startup claims that all of its items are 100% vegan leather that is sourced and manufactured in India and that they are handcrafted by its in-house artisans.
The firm raised $3 million in March 2023 with the help of Stellaris Venture. Manoj Meena, the founder of Atomberg, and Kaushik Mukherjee, the founder of SUGAR Cosmetics, were among the angel investors who took part in the round. More than $4.5 million has been raised so far, with Titan Capital leading an undisclosed seed round in July 2021 and Stellaris leading a $1.5 million pre-Series A round in January 2021.
Zouk reported an income of ₹47.41 crore for the fiscal year that concluded in March 2023, compared to ₹21.82 crore for the previous year. Losses for the company increased throughout that time from ₹77 lakh to ₹10.55 crore.
