The London Stock Exchange (LSE) today welcomed Koovs, the Indian online fashion retailer, as it listed on the Alternative Investment Market (AIM).

AIM is the market for smaller, high growth businesses. The company successfully raised £22m at IPO, valuing the business at £36m.

Koovs, set up by former ASOS chairman Lord Alli, is the first Indian business to list on London Stock Exchange since Nandan Cleantech, which debuted in November 2011.

There are 62 Indian businesses, with a combined value of £90bn, listed in London across AIM and the Main Market.

Ibukun Adebayo, head of primary markets, India at LSE Group said: "We are delighted to welcome Koovs to our market.

“This is an important listing, not just for the company, but for Indian companies overall. It demonstrates that investors are looking beyond macro-issues and taking the time to understand individual company growth stories.

“We expect that on-going reform within India, coupled with listings such as this, will encourage more ambitious Indian companies to raise capital in London."