Zouk, a direct-to-consumer bag and luggage brand, has raised $10 million in its Series B funding round, led by Aavishkaar Group. This round also saw participation from Stellaris Venture Partners, Titan Capital, Sharrp Ventures and the JJ Family, bringing Zouk’s total funding to $14.5 million.

Entrackr reported on October 7 regarding Zouk’s new round of funding.

With this new capital, Zouk will focus on expanding its network of exclusive outlets, aiming for a total of 75 stores. The company also plans to improve its marketing efforts and supply chain while investing in talent across various verticals.

Founded in 2015 by Disha Singh and Pradeep Krishnakumar, Zouk specializes in handmade products including laptop bags, tote handbags, shoulder bags and wallets, all made from leather 100% vegan from India. With more than 700,000 customers served, the startup is also launching into the luggage segment with new backpacks and trolley bags, anticipating strong growth in this area.

Sources indicate that Zouk will be valued around $50 million (around Rs 400 crore). According to startup data intelligence platform TheKredible, the Mumbai-based startup was valued at around $7 million in its last round.

At the time of the latest funding round, co-founders Disha Singh and Pradeep Krishnakumar each held a 31% stake in the company, while Stellaris was the largest external shareholder with a 19.63% stake.

For the financial year ending March 2023, Zouk reported a turnover of Rs 47.41 crore, compared to Rs 21.82 crore in FY22. However, the company’s losses increased to Rs 10.55 crore, compared to Rs 77 lakh the previous year. Zouk is yet to file its FY24 figures.

Lead investor Aavishkaar Capital has already backed several startups including AgroStar, Altum Credo, Ergos, GoDesi, Milk Mantra and Newtrace.