Zivame, the online lingerie retailer, has announced that it has raised Series C round of Rs 250 crore from Zodius Technology Fund and Khazanah Nasional Berhad, the strategic investment fund of the Government of Malaysia. Existing investors Unilazer, IDG Ventures and Kalaari Capital also participated in the round. The company plans to use the funds to continue dominating the category and provide a world class lingerie shopping experience to Indian women. Getting more women to shop online, strengthening its merchandise offering with innovative products, increasing consumer touch points and building the category with path-breaking technology, are integral to this vision. The company also announced the launch of its app, the first dedicated lingerie app for women in India.
Richa Kar, Founder and CEO, Zivame said, “Worldwide, lingerie is the most exciting category in the women’s apparel segment. The Indian woman, who is more confident than ever before is indulging herself in lingerie to express her individuality. She wants to look and feel good and has the economic independence to splurge on lingerie she never had access to before. Zivame is the catalyst of this change; using technology to understand her better and providing her an unsurpassed lingerie experience.”
“We are also proud to launch the first Indian lingerie app today. We want to empower women to shop their most intimate wear in the most intimate environment – their mobiles.” Richa said. The app has been built after intensive study of navigational behavior of consumers to create a design that would quicken product discovery. With a browse-driven experience it is made for speed with a two click checkout process. Today, close to 60% of Zivame’s traffic comes from mobile and the company is confident that this will grow as the personal nature of the device allows women to indulge in her choices more confidently.
“The fact that reputed investors like Zodius and Khazanah have invested in us highlights the robustness of our vision, business model and execution capability. We are optimistic, restless and ambitious to build Zivame as the brand that is transforming Indian women.” Kar added.
Shilpa Kulkarni, Zodius Technology Fund said, “We believe Richa and Team are building a formidable business by providing Indian women consumers product choices of the like that she has never experienced before, while providing superior customer engagement. Their ability to use technology to customize the buying experience and provide world-class private label products is noteworthy. We are delighted to partner with the Zivame team in this journey forward.”
Chinta Bhagat, Executive Director Investments, Khazanah India Advisors Pvt. Ltd. said, "Khazanah Nasional are very happy to support Richa and the Zivame team with driving their mission of women empowerment within and beyond India. With Khazanah coming on board, Zivame's funding needs are expected to be fully secure for the foreseeable future, and the focus will be on supporting them in building their institutional capabilities in the coming years. While Khazanah have invested over $1 billion in India, this is the first investment in e-commerce, with hopefully more to follow."
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