D2C Luxury Bags Startup Zouk Gets $10 Mn Injection In Series B, Round Was led by Aavishkaar Capital

Zouk, a direct-to-consumer bag and luggage manufacturer, has secured $10 million in a Series B investment led by Aavishkaar Group.

This round also included Stellaris Venture Partners, Titan Capital, Sharrp Ventures, and the JJ Family, bringing Zouk’s total fundraising to $14.5 million.

Zouk was founded in 2015 by Disha Singh and Pradeep Krishnakumar and specializes in handmade products such as laptop bags, tote purses, sling bags, and wallets manufactured from 100% vegan leather sourced in India.

With over 700,000 consumers served, the firm is expanding into the baggage category with new backpacks and trolley bags, anticipating significant growth in this area.

Related: D2C Travel Luggage Brand ‘Nasher Miles’ Gets $4 Mn Funding from Investors

Zouk plans to use the new funds to expand its network of exclusive brand outlets, with a goal of opening 75 new stores.

The company also intends to improve its marketing and supply chain while investing in expertise across multiple verticals.

According to sources, Zouk would be priced at $50 million (roughly Rs 400 crore). According to startup data intelligence platform TheKredible, the Mumbai-based business was valued at roughly $7 million in its most recent funding round.

At the time of the most recent fundraising round, co-founders Disha Singh and Pradeep Krishnakumar each owned 31% of the company, with Stellaris holding the largest external position at 19.63%.

Zouk’s revenue for the fiscal year ending March 2023 was Rs 47.41 crore, up from Rs 21.82 crore in FY22.

However, the company’s losses climbed to Rs 10.55 crore from Rs 77 lakh the previous year. Zouk has yet to file its fiscal year 24 results.

Aavishkaar Capital, the lead investor, has already backed various firms such as AgroStar, Altum Credo, Ergos, GoDesi, Milk Mantra, and Newtrace.