During our college days, we always came up with some great business ideas. But, who chases the dreams of engineering life? Well, it might sound surprising but two people made their college dream startup true! It’s Siddharth Munot and Prabhkiran Singh, two IITians. These two knew what they wanted and worked on it with all they had.
Siddharth Munot and Prabhkiran Singh founded an incredible E-Commerce startup, named Bewakoof in 2012. They both were from the Civil sector in IIT Bombay. They always wanted to pursue a distinct career. They worked on this plan after graduating from college and put all their efforts in one direction. And that’s where Bewakoof was started!
Bewakoof started with an investment of just Rs. 30,000. But the company came out to be splendid and soon, it gained huge success accordingly. As of 2019-20, Bewakoof made an annual turnover worth Rs. 210 crore.
Earlier in 2019, the company raised funding of Rs. 70 crore from the global alternative asset manager Investcorp. The company was launched in April 2012. Bewakoof established a strong and enormous connection with its customers which brought great outcomes for the company.
In this article, we will be discussing the incredibly formed business model of Bewakoof along with its business strategies. Let’s get started!
Bewakoof, founded in 2012 by Prabhkiran Singh and Siddharth Munot, is a lifestyle fashion brand that manufacturers very creative and distinct fashion accessories and clothes, following the trends.
The company is based on the principle of producing an impact on people through honesty, innovation, and compassion. Bewakoof is an immense team of 400 people who collectively sold around 5.1 million products from the website.
Bewakoof keeps its product range up-to-date, as around 1 lakh products are sold every month. The company eliminates the middleman and manufactures its products itself.
Bewakoof is the only Indian brand that customized western clothes with India-inspired slags and printed the regional languages such as Marathi, Hindi, Bengali, and others. With digitalization, has grown enormously and brought great deals for the company.
Where does Bewakoof operate?
The very prominent fashion E-commerce brand, Bewakoof is headquartered in Mumbai, Maharashtra, India. As being an E-commerce platform, the company delivers its products in every corner of India through logistics services.
Key Products and Services of Bewakoof
Bewakoof offers tons of customer-based services through its E-commerce platform. The customers get complete access to all the products available on the Bewakoof.com website.
The company manufactures various Men’s and Women’s clothing including T-shirts, Accessories, Mobile Covers, and many more, at very affordable prices.
Target Audience of Bewakoof
Bewakoof is majorly focused on the person who belongs to the age group of 16-24 years old. The company targets students, professionals, entrepreneurs, and others who are counted in financially stable environments.
Business Model of Bewakoof
The business model of Bewakoof is utterly evolved. The company keeps up the tune with all the important aspects of business, from designing to warehousing. Brand marketing exists entirely through digital platforms whereas the end-to-end productions are held in-house.
Bewakoof promotes its products from two major platforms: Justdial and Facebook. The company also organizes extensive college campaigns which allow students to do Bewakoofy (stupidity) around the campus and they get free t-shirts as rewards from the company.
Bewakoof keeps up with the trends and follows them through their products. They print famous slags and punchlines on their t-shirts to follow social media trends.
Bewakoof is widely famous among the youth. As social media brings out enormous customer engagement to their website. In fact, Bewakoof has over a 1.5 million customers base, and the company keeps up with them to gather more ideas and concepts for their products.
How does Bewakoof make money?
Bewakoof has an estimated annual turnover of $71.8 million every year. The company ties-up with top E-commerce companies to its products by selling them on the company’s website. It has tied up with Snapdeal, Seventymm, and Indiatimes Shopping.
The company gets a 27% revenue growth from various operations that are enhanced from Rs. 164.22 crore (FY19) to Rs. 208.33 crore by FY2020.
Bewakoof generates its revenue from various customer deals and operations. The company’s estimated revenue value per employee is worth $228.000. It collaborates with various brands and gets the profit percentage in hand.
As of FY19, Bewakoof’s operating revenue varied from Rs. 100 crores to Rs. 500 crores. Alongside, the company’s EBITDA increases with a percent rate of 65.75. Bewakoof has grown immensely over the past few years. And with its business model, there’s a lot on-road as well.
Conclusion
Bewakoof is a very strategic and promising lifestyle fashion brand that ought to be one of the finest. The company has a huge fan base which brings out absolutely tremendous revenue results. The company works on the principle of honesty and thoughtfulness. It works towards minimizing the environmental imprints and enhancing the social impact. Bewakoof has had a long journey since its launch and with such speed, the company is estimated to grow even wider.
FAQ
Who is the CEO of Bewakoof?
Prabhkiran Singh is the co-founder and CEO of Bewakoof.
When was Bewakoof founded?
Bewakoof was founded by Prabhkiran Singh and Siddharth Muno in 2012.
What is the revenue of Bewakoof?
The revenue of Bewakoof is INR 208.33 crore as of 2020.
Myntra is India’s favorite shopping platform for customers who believe in quality over perfection. When we talk about fashion and online shopping, the first thing that comes to our mind is Myntra. Myntra in its initial days started selling personalized gift products to the largest fashion site in India. Along the journey Myntra acquired a lot of subsidiaries that helped in growing its business.
Myntra, an Indian e-commerce fashion company is located in Bengaluru, India. The company was launched in 2007 to sell personalized gift items.
Founded by Mukesh Bansal along with co-founders Vineet Saxena, and Ashutosh Lawania. In its initial days, Myntra sold on-demand personalized gift items.
From 2007 and 2010, it mainly operated on the business-to-business model.
Myntra began selling fashion and lifestyle products and moved away from personalization in the year 2011.
By the year 2012, Myntra started offering products from 350 Indian and International brands that are more in demand in the clothing market.
Myntra earns by following an aggregator model. The main business plan of Myntra is to buy the latest merchandise and selling it to the customers. Buying current season merchandise from several popular and quality brands, and making the product/item available on its website. The main earning of Myntra comes from the commission. Myntra follows the B2C (Business to customer) revenue model to generate revenue and increase its sales.
Before discussing its subsidiaries and acquisitions, let us understand what is meant by Subsidiary.
What is a Subsidiary?
A subsidiary, subsidiary company, or daughter company is a company that is owned or controlled by another company, which is called the Parent company, Parent, or Holding company.
The subsidiary can be a company, corporation, or limited liability company.
When company A owns/acquires more than 50% of the voting stock of another company B, then in such circumstances company B becomes the subsidiary of Company A and obtaining control of its operations.
At the time of acquisition by Flipkart, Myntra had a total of 1,50,000 products of over 1000 brands, catering to over more than 9000 pin codes in India.
Ananth Narayanan became the Chief Executive Officer (CEO) of Myntra replacing co-founder Mukesh Bansal in 2015.
On 10th May 2015, Myntra announced to shut down its website to solely focus on serving its customers through mobile applications starting from 15th May 2015. This decision resulted in failure.
Acknowledging the failure of the application-only model, Myntra announced to revive its website in Feb 2016.
Myntra functions and operates independently after the acquisition by Flipkart. Myntra still continues to operate as a standalone brand under Flipkart by solely focusing on fashion-conscious customers.
Flipkart acquired Myntra in 2014
Myntra – Subsidiaries and Acquisitions
Below are the details of the acquisition and deal dates when the deal got finalized.
Company Name
Deal Date
Online Services Pvt. Ltd.
August 01, 2018
Withdraw
April 16, 2018
20Dresses
November 29, 2017
InLogg
April 19, 2017
Jabong
July 26, 2016
HRX
July 20, 2016
Cubeit
July 12, 2016
Fitiquette
April 04, 2013
Exclusively
November 09, 2012
Myntra Acquisitions
The Important and Deal breaking Acquisition under Myntra are:
HRX
Jabong
Fitiquette
Roadster
Here, we’ve tried to mention some of the companies acquired by Myntra, their functioning, and operation under Myntra.
Fitiquette
The company is located in Sans Francisco. Fitiquette is the world’s first virtual dressing room platform that enables online shoppers to virtually try before they buy option. It provides an online shopping experience that is very similar to the offline model like buying from the stores.
The technology used in Fitiquette shows virtual mannequins based on the body types of the users. This can further adjust the specific measurements of the users based on their body until it closely mirrors their own. The unique thing about this technology is that the clothing chosen is represented as the best fit based on a series of measurements. (Example. S, M, L, XL).
Myntra owns the fashion brand Roadster, Myntra’s outdoor lifestyle brand which was launched in December 2012. It generates close to 7% of the total sales.
Myntra’s lead designer for the Roadster brand is the famous Vanni Lenci. Roadster has launched an all-new licensed Roadster MotoGP collection. It is the first Indian brand to enter into an exclusive collaboration with the world’s premier motorcycling championship, MotoGP on Aug 18, 2016.
It is quite surprising that, despite having Deepika Padukone’s “All About you” and Hrithik Roshan’s “HRX” brands in its pocket, Roadster is the biggest moneymaker for Myntra.
Pretr Online Services Pvt. Ltd.
Pretr Online Services Pvt. Ltd. is India’s first-ever end-to-end omnichannel platform for retail. Pretr (prettier) was launched in 2016 by two technology executives Bhavik Jhaveri and Ankur Joshi. Pretr is currently operating from Mumbai, India.
Pretr is a marketplace that provides a seamless shopping experience to customers. It is an efficient selling platform to Fashion & Lifestyle Retailers which include Esprit and Mango. Myntra’s own private labels such as HRX and Moda Rapido uses Pretr’s technology platform. This technology platform helps retailers with a bunch of services, including order management and store analytics.
Jabong
Myntra Subsidiaries Jabong
Xerion Retail Private Limited, also popularly known as Jabong, was a private company that was located in Gurgaon, Haryana. It was launched on 23 September 2011. It was classified as a private limited company. Jabong operated only on online fashion and lifestyle stores. It sold numerous products ranging from clothing, bags, shoes, sunglasses, jewellery, watches, and many more.
Jabong was acquired by Flipkart in July 2016 through its eCommerce unit Myntra for $70 million. Flipkart formally shut down Jabong in February 2020 to shift focus completely on its premium clothing platform Myntra.
Myntra’s Parent company Flipkart Acquires Jabong
Witworks Consumer Technologies Pvt. Ltd.
Witworks Consumer Technologies Pvt. Ltd. is a consumer technology company operating and serving customers across India. Witworks is a maker of wearable devices to strengthen its technology team. The company manufactures wearable products like connected smartwatches, smart shoes, and intelligent clothing with biosensors.
Myntra has kept its image in providing quality products and merchandise. Myntra has always focused on quality with perfection and has kept a steady customer service. Its business is well-maintained which has to lead to the first click to an online fashion destination. Myntra bought Bengaluru-based startup Witworks in April 2018.
HRX
Myntra Subsidiaries HRX
HRX is a 5-year-old brand and platform based on a life philosophy to keep pushing. HRX is India’s first celebrity brand that was founded by Hrithik Roshan who is also the brand ambassador for HRX. It is also India’s first homegrown brand that solely focuses on the sports and active lifestyle space. The brand was founded by Hrithik Roshan and co-founders Afsar Zaidi, Kamal Punwani, and Sid Shah. HRX was acquired by Myntra, the online fashion store owned by Flipkart on Jul 20, 2016. It acquired a 51% stake in HRX.
The company was formed by taking inspiration from Hrithik Roshan’s life. No matter how big adversity, it can be overcome with perseverance. It was created to inspire and guide billions of people. HRX main aim is to help people achieve their fitness goals. HRX is a mission that helps us enable and support people to be the fittest, happiest, and most confident version of themselves.
Myntra is India’s favorite shopping destination where quality meets perfection. If you are the one who wants to explore more before buying, want quality products over price, and looking for well-designed products, then Myntra is the best option for you. Myntra has a huge variety of brands. You don’t need to worry about the quality of the products. As Myntra only focuses on quality and authentic products. The products go through a quality check where the products are thoroughly checked. Myntra’s revenue model is B2C (Business to customer). All the products are only available on Myntra’s platform. The products are genuine and are directly collected from the merchandise stores. Enjoy shopping from Myntra.
FAQs
Myntra is owned by which company?
Myntra is owned by Flipkart. Flipkart is Myntra’s Parent Company.
Does Myntra sell fake products?
No, Myntra does not sell counterfeit products at all. Myntra is an aggregator and seller of products. If someone gets a bit downgraded product from any of the leading brands, consider it as the brand’s product only.
Is Myntra good for clothes?
If you are the one who wants to explore more before buying then Myntra is the best option for you. Myntra has a huge variety of brands.
Why Myntra is expensive?
The one things great about Myntra is – the variety and size availability. They are also the market leaders and that’s perhaps the only reason for the pricing. People do buy at Myntra without even looking at other Portals.
Is Myntra profitable?
Myntra Designs revenue up 58% to Rs 1,719 crore, losses increase by 38% Walmart-owned online fashion retailer Myntra Designs Private Limited reported its revenues for the financial year 2019-20 as Rs 1,719 crore, a 58% jump since the last financial year.
Netflix is a popular OTT platform that has grown widely and has a worldwide presence. The OTT platform has the majority market in the OTT platform and has the best shows which include The Witcher, Lucifer, Crown and many more.
They also have Netflix original movies which have a huge fan base. Netflix has made a recent announcement of launching a new platform called Netflix Shop. In this article let’s look at what exactly is Netflix shop and how Netflix plans to enter the e-commerce space with it.
Netflix has announced the launch of its online e-commerce store called Netflix shop. The online store will be selling the Merchandise of the Netflix original series. The sales are expected to start with the famous Netflix original series that is Stranger Things and the Witcher.
The online store has been launched and Netflix shop is the first retail outlet that is owned and operated by Netflix which sells products directly. The business model of Netflix e-commerce store is it will sell high quality apparel and lifestyle products that are related to the famous shows of Netflix and the products are going to be carefully chosen and limited edition.
Netflix has conveyed that their e-commerce store will soon see an exclusive release of merchandise based on the two popular original series of Netflix that is the Witcher and Stranger things. Both the shows have a huge fan base and Netflix is also planning to introduce a new Netflix logo wear from BEAMS which is a Japanese fashion house.
Beam Clothing
The company has announced that during the third week of June it plans to release the merchandises based on the Anime series Yasuke and Eden which would be streetwear and action figures and they also added that the store will also release limited edition apparel and decorative items from the French thriller series Lupin with a collaboration of Musee du Louvre.
Netflix has also conveyed that they are introducing the collection of collectibles that are inspired by anime’s from three up coming designers i.e., Kristopher Kites who is a noted jewelry maker, Jordan Bentley who is a streetwear designer, and Nathalie Nguyen who is a digital artist.
Is Netflix Entering the E-commerce space?
The most important aspect to be noted is that Netflix already has licensing deals for a lot of products that are sold by other companies. The top companies such as Amazon, Walmart, H&M, Target, Sephora and other retail investors have been selling the products merchandised products of the shows related to Netflix.
So, the next question is what difference does it make with Netflix launching its own E-commerce website. The strategy of Netflix e-commerce store is it would sell only the carefully chosen limited edition merchandise on its e-commerce store. The aim of the company is to sell the limited edition items to the super fans of the shows.
This is considered to be a move from Netflix to enter into the e-commerce segment as well as a move to increase the revenue generation of the company. This can be marked as an official entry by the OTT platform into the e-commerce segment and we will be able to see much more collectibles and limited-edition merchandise being released to the online platform of the company.
Media Platforms that are already in E-commerce Space
Even though Netflix has launched its new e-commerce platform for selling its merchandise products, Disney has been into the field for a very long time. The consumer products of Disney have earned a revenue of around USD 16.5 billion in the year 2020.
Disney has their own consumer products where they sell products such as Baby Yoda dolls and also an outlet such as theme parks.
Netflix shop website
The e-commerce website that is launched by Netflix was developed and launched with Shopify. It is to be noted that the e-commerce store will first be available in the United States and the company will later focus on expanding it to other countries.
Netflix Shop website
Netflix had also conveyed that they do not have any plans to open the outlets of brick and mortar.
Conclusion
The launch of the Netflix e-commerce website can be considered to be one of the important steps taken by Netflix to venture into the consumer goods segment. We may be able to find a lot of demand for the merchandise products listed on the site of Netflix by their super fans.
FAQ
What is Netflix Shop?
Netflix Shop is an ecommerce store launched by Netflix for selling merchandises of the popular series.
Is Netflix Shop available in India?
No, the shopping site will first be available in the United States and the company will later focus on expanding it to other countries.
What are the current merchandises on Netflix Shop?
Netflix has introduced a new logo wear from BEAMS and is planning to launch limited edition merchandises for super fans.
