UK-based online fashion store Koovs said Indian newspaper publisher HT Media invested £3 million (around Rs 29 crore) in the company for an 8.2 per cent stake.
Koovs said it is in discussion with other investors as well in order to close its current funding round by June 30. The company will use the funds for investment in marketing. It will continue to use the assets of HT Media to build brand awareness in India and accelerate growth, Koovs said in a news release. HT Media’s publications include English newspapers Hindustan Times and Mint, and Hindi daily Hindustan. It also owns digital properties and runs an FM radio channel. Koovs said it also raised £300,000 from Dragon Asia Holdings Pte Ltd. After this investment, Dragon Asia has a 19.2 per cent stake in it.