Online lingerie retailer Zivame has raised Rs 60 crore in funding as part of a bridge round, led by Zodius Technology Fund and a group of high net worth individuals.
According to a PTI report; The latest fund infusion, which is part of the company’s series C funding, will be followed by a larger round later in 2019. Zivame, however, did not disclose details of the larger round that is being planned.
“The funding will enable us to further enhance our footprint and leadership in existing and newer markets as we continue to build on our mission to be the destination for women for all her intimate needs. We continue to build the category as the Indian lingerie market is largely unorganised and under-served,” Amisha Jain, Chief Executive Officer, Zivame was quoted by PTI as saying.
She added that the funds would be used for ongoing retail expansion, augmentation of technology, product development and strengthening Zivame’s Omnichannel strategy.
Currently, Zivame has over 30 retail stores and aims to expand to more than 60 in a year. It also aims to strengthen its presence in major malls and high streets with a special focus on tier-I cities.
Jain said the company would focus on metro areas like Delhi-NCR, Mumbai, Chennai, Kolkata, as well as cities like Bengaluru, Chandigarh, Pune, Kochi, Mysore and others.
She added that the company would continue to ramp up offline presence (from the current over 800 retail points of sale), while maintaining leadership position in the online space.
Founded in 2011, Zivame counts Zodius Capital, Unilazer and Khazanah Nasional Berhad (Government of Malaysia’s strategic investment fund) among its investors. The company had raised Rs 250 crore in funding in 2015.
