Bengaluru-based online lingerie retailer Zivame has raised R250 crore in Series C round from Zodius Technology Fund and Khazanah Nasional Berhad, the investment fund of the Malaysian government.
Its existing investors Unilazer, IDG Ventures and Kalaari Capital also participated in the round. “Worldwide, lingerie is the most exciting category in the women’s apparel segment. 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,” said Richa Kar, founder and CEO, Zivame.
The company plans to use the funds in technology, attracting customers, strengthening its merchandise offering, increasing consumer touch points. It has also announced the launch of its app, the first dedicated lingerie app for women in India.
“We believe Richa and team are building a formidable business by providing Indian women various product choices, while providing superior customer engagement. Their ability to use technology to customize the buying experience and provide world-class private label products is noteworthy,” said Shilpa Kulkarni, Zodius Technology Fund.
Founded in late 2011, the company claims that 60% of its revenue comes from its private-label products. It has also opened a new “data science lab” to make more private-label products at an affordable price. Other players in the online lingerie segment too have raised funds showing investor confidence in this segment.
Pretty Secrets raised $2 million in Series A round last year from Orios Venture Partners, Indian Angel Network (IAN) and early-stage investor India Quotient. While IvyCap Ventures invested undisclosed amount in Clovia, a Delhi-based online lingerie company.