Koovs CEO Mary Turner27 Jun 2017 11:50
Mary Turner must believe success is around the corner - she takes no salary, preferring share options and now owns about 5% of the company.
Koovs says it took de-monetisation in its stride. The business while relatively small - it turns over £19m - is growing at 87% annually and already has an AIM listing in London, although the share price has done a rollercoaster since from £2.11 down as low as 12p and now around 40p. Currently loss-making, break-even is predicted for the end of 2019. There is much to play for. E-retailing in India is booming - a $15bn market is due to grow to $60bn by 2020. The country's demographics do, indeed, appear enticing. The middle class is due to double in size to 325 million by 2020.
Many of these new bourgeois live in the cities and metropolitan areas, which are growing at a considerable pace - Delhi has 13 million souls, Greater Mumbai 17 million. Indeed 35% of urban households are middle class. Most importantly of all, 43% of India's population is aged between 15-39, Koovs' target market.