[Funding Alert] Zivame gets infusion of Rs 25 Cr from Indiblu, Avendus Capital, and Avezo Advisors
Online lingerie retailer Zivame has raised fresh funding of about Rs 25 crore from Indiblu Investment Advisors, Avendus Capital, and Avezo Advisors, as part of the company's Series C funding round, the company said in a MCA filing.
The Bengaluru-based company operates on a two-company model (a standard in all e-commerce businesses) with Actoserba Active Wholesale Pvt Ltd (“Actoserba”) and Mila Star Retail Pvt Ltd (“Mila Star”). The fresh capital has been infused in the e-commerce business.
While Zivame denied commenting on the transaction, sources in the company said, that the fresh funds will be used to support usual scale of the company.
The company had raised funding of Rs 60 crore as part of a bridge round in March 2019, led by Zodius Technology Fund, with participation from HNIs, and Allana Investment and Trading Company.
Started in 2011 by Richa Kar and Kapil Karekar, Zivame started out as a marketplace for the lingerie brands, and later expanded its offerings with activewear, sleepwear, and shapewear. Now, the company has its own private label.
Zivame has been trying to reinvent itself ever since the founders exited the company. Over the years, Zivame has taken an omnichannel route, and has about 31 offline stores all over the country. It is now looking to expand to more than 60 stores in a years’ time to all major malls and high streets with a special focus on Tier 1 cities, the company had said in March.
Back in 2015, Zivame had raised Series C funding worth Rs 250 crore led by Khazanah Nasional Berhad (Government of Malaysia’s strategic investment fund), and Zodius Technology Fund, with participation from its existing investors Unilazer, IDG Ventures, and Kalaari Capital. In May 2018, Zodius Capital had increased its stake to at least 45 percent in Zivame by acquiring stakes from Kalaari Capital, and IDG Ventures India.
Zivame competes with Noida-based lingerie brand Clovia, which raised $10 million in a fresh round of funding led by Singapore-based private equity firm AT Capital, in the beginning of the year.
According to E&Y, the retail industry is estimated to be at $650 billion, with organised retailing only accounting for $65 billion, including e-commerce.
(Edited by Suman Singh)