Bengaluru-based online lingerie retailer Zivame has raised INR 10 Cr ($1.4 Mn) from Allana Investment and Trading Company in its extended Series C funding round.
According to a MCA filing assessed by Inc42, 22,368 cumulative convertible preference shares (CCPS) were allotted to the investor at INR 4,370.71 per share. The funding was first alerted by data intelligence platform paper.vc.
Zivame was founded in 2011 by Richa Kar and Kapil Karekar. It began its operations as an aggregator of lingerie brands. Now along with lingeries, the startup has also forayed into other segments such as activewear, sleepwear and shapewear. As of October 2018, the company had set up over 26 brand stores and is currently looking at setting up 100 stores by the end of FY19.
Related Article: Online Lingerie Retailer Zivame Pivots To Private Label Business
In 2016, the company which aggregated products from other brands, pivoted to a private label business in a bid to improve its margins and thereby boost its revenues. The strategy paid of a year later when the company recorded a 56.4% increase in its revenues for the financial year 2017-18 at $12.81 Mn (INR 94.26Cr) from $8.19 Mn (INR 60.25 Cr) in the previous year.
The etailer counts companies such as Unilazer Ventures, IDG Ventures India, Kalaari Capital, Ratan Tata as its investors. The early-stage technology investment firm, Zodius Capital is responsible for controlling almost 45% stake in Zivame.
In a What The Financials analysis, Inc42 DataLabs noted that Zivame and Clovia are currently dominating the Indian online lingerie segment.
In January, Delhi-based lingerie startup Clovia has raised $10 Mn in a Series B funding round led by AT Capital. According to startup, the fresh funds will be used for its product and technology development, scaling up the brand portfolio, expanding to newer geographies, increasing operational efficiencies and strengthening the team.
According to a report by Franchise India, the lingerie market in India is valued at about $3 Bn, growing at a CAGR of 42.32% between 2014 and 2019. Some other notable players in this space are Buttercups, Prettysecrets, Cilory, and Shyaway, among others.