Richa Kar raises US$ 6mn for Zivame!
Zivame.com, India’s largest lingerie destination has received a Series B Funding Investment of $6 million. This round has been raised from Unilazer Ventures Private Limited, a strategic private equity investments company promoted by Ronnie Screwvala – Founder & CEO of UTV Group, and existing investors, IDG Ventures and Kalaari Capital Partners.
Bangalore-based Zivame.com, founded and led by Richa Kar, CEO of Zivame.com, has pioneered the online lingerie category in India. The primary reason to set-up Zivame.com was to give its consumers the much needed privacy and accessibility while shopping for intimate wear. Today, Zivame.com is helping an increasing number of women to move from brick-and-mortar to the experience of online shopping. With operations just a little over 2 years, the brand experiences over a whopping 50% repeat purchases every month. During the 1st year of operations, the brand witnessed a phenomenal growth of 400% and is aiming at online sales of INR 1000 crore in next 4-5 years.
The Series B round of funding will be utilised towards building the intimate-wear category and reaching out to more women consumers across the country. The funds will also be utilized to harness the power of technology and deliver a superior lingerie buying experience using personalization and recommendations. Richa Kar, Founder & CEO - Zivame.com said, “Zivame.com has acted as a catalyst and initiated the women to buy their most intimate and personal products on an online space. With every new customer, we believe that we have made the women shopper a lot more self-aware and taken away the painful social embarrassment that comes with shopping for lingerie in a public space. The Series-B round of funding gives us a chance to extend this support to a few more million women out there. I am proud to have Unilazer on board for our Series-B funding. Their vast experience in building successful consumer brands will help Zivame in its next phase of growth. In the same breath, I am also gratified by the continued faith showed in us by IDG and Kalaari and helping us come this far in the journey.”
Sharing Richa Kar’s sentiments, Ronnie Screwvala added, “Our investments are strategic in nature, where we believe we can add value to the business and the sector, as well as bring scale and build a brand by working closely with the founder. We are very pleased with our investment into Zivame that is a leader in the lingerie segment. In e-commerce, we look at verticals that have scope to grow exponentially and ability to build product brands in a fragmented market, and in the case of Zivame, we feel the segment is very scalable and lends to private & one-on-one shopping to Indian women - a fast growing segment of consumers.”