Following the deal, Investcorp will hold 14 per cent equity and a board seat in Bewakoof.
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The company has sales of more than 650,000 products per month with a customer base of over four million, a statement said.
Prabhkiran Singh, co-founder and director of Bewakoof Brands said: “Having grown significantly in the last couple of years, we will continue investing in improving the customer experience through technological innovation and focusing on talent acquisition.”
IndigoEdge was the advisor to Bewakoof.com for the deal.
Investcorp said the move is in line with its strategy to tap into “sustainable business models in the mass consumption driven Indian market”.
The investment firm’s maiden India-focused private equity fund, which raised 1,000 crore rupees, targets investment opportunities across three key sectors – mass-market consumer, financial services and healthcare.
Other than Bewakoof.com, the fund has so far invested in four companies namely Incred, ASG, Zolo and Citykart.
Globally, Investcorp manages over $28bn in assets and has seen more than $36bn of transaction value in almost 200 investments across retail, consumer products, technology, business services and industrials.
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