Online lingerie store Zivame has raised Rs.250 crore in a series C funding round from Zodius Technology Fund and Khazanah Nasional Berhad, the strategic investment fund of the Government of Malaysia. Existing investors Unilazer Ventures, IDG Ventures India and Kalaari Capital also participated in the round.
The company plans to use the funds to dominate the category and provide a better lingerie shopping experience to Indian women. The Fresh funds will be deployed in acquiring customers, expanding product offerings and increasing consumer touch points. In addition, the company also announced the launch of its mobile app stating that 60% of its traffic comes through mobile devices. The company will also invest in boosting its technology infrastructure and recently announced a data sciences lab.
Zivame claims that it is selling more than 1 bra/minute and that it has played a pivotal role in bringing the category online.
“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. Zivame is the catalyst of this change; using technology to understand her better and providing her an unsurpassed lingerie experience.” said, Richa Kar, Founder and CEO, Zivame.
The company, which was founded by former SAP executive Richa Kar in 2011, had earlier raised about $9 million in two rounds, the last being a $6 million round in December 2013.
Zivame competes with Pretty Secrets and Laceandme, among others. However, Zivame’s latest round is the biggest funding round secured by an Indian lingerie store.
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