Bangalore, 11th December 2013: 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, and existing investors, IDG Ventures and Kalaari Capital Partners.
Bangalore-based Zivame.com, founded and led by Richa Kar, a BITS Pilani & NMIMS Alumnus, 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 when shopping for intimatewear. 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 the next 4-5 years.
The Series B round of funding will be utilised towards building the intimate-wear category and reaching out to women across the country. The funds will also be utilized to harness the power of technology to 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 Ventures and Kalaari Capital 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.”
TCM Sundaram, Founder & Managing Director, IDG Ventures, Zivame’s existing investor, commented, “As a Series A investor who engaged with the company in the 3rd month of its starting, we have watched the blooming of Zivame.com in terms of its merchandise and choice which has been rewarded by its growing number of new and repeat customers, to deliver with industry leading metrics. We expect Zivame.com to build on this strong showing with this round of funding to change the way Indian woman shops for lingerie to build a 1,000cr enterprise.”
Vani Kola, Managing Director, Kalaari Capital, Zivame’s existing investor, said, “Women in India are ready to shop online as long as the right products are offered to them along with the right service. Lingerie needs have been largely underserved. Zivame is addressing this opportunity and Richa is honed into her customers’ needs. Investing in Zivame is consistent with Kalaari’s commitment to invest in Great entrepreneurs in emerging themes addressing large market potential. The new round of funding further validates Zivame’s future and leadership in this market.” Interesting Statistics from Zivame.com –
- 40% of Zivame’s repeat buyers purchase lingerie 4 times a year.
- 60% of Zivame’s new customers have never bought lingerie online before.
- 20% of Zivame’s new customers have never made an online purchase before.
- Tier 2 and 3 sales and revenues clocked – In the 1st year, we had 15% buyers from Tier 2 & 3 cities. This number went up to 30% in the second year.
- Market dominance of the brand – Zivame is the single largest lingerie store in the country with 3,000 styles across 93 sizes in bras.
- Zivame acquires 20,000 new customers every month. 80% of Zivame’s customers are women.
Zivame (http://www.zivame.com), India’s single largest lingerie retailer, features over 3,000 styles to choose from in 93 different bra sizes. The online store stocks products from 42 different national and international brands and offers choices in bridal lingerie, plus-size lingerie, every-day wear, shapewear, active wear, nightwear and swimwear for women. Zivame.com is the one-stop solution for every Indian woman’s lingerie needs. The brand’s ultimate objective is to provide intimatewear solutions for women of all age groups and all body types.
About Unilazer Ventures
Unilazer Ventures Ltd, promoted by First Generation Entrepreneur Ronnie Screwvala is a diversified entity with one focus area being Strategic Private Equity Investments. Unilazer’s unique positioning in this space of PE brings hands on Business experience from its Founders backed by a well-researched and experienced Team that stands to add value to strong entrepreneurs/founders in varied aspects of their business growth . While Unilazer is sector agnostic it has a leaning to new greenfield and high growth segments like Agriculture, Healthcare and Pharma, Education, E commerce and sectors deeply entrenched in the India Consumption Story.
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