Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Bangalore-based online lingerie retailer Zivame has reportedly raised an undisclosed amount from Tata Sons chairman emeritus, Ratan Tata.
The funding comes just after ten days since Zivame raised $38 Mn (INR250 cr) Series C round of funding from Zodius Technology Fund and Khazanah Nasional Berhad.
However, a person aware of the deal told ET that Tata had invested in the company much before it raised its Series C round.
During the previous round of funding, Zivame had announced that it would soon launch its app to increase consumer touch points and build category with path-breaking technology.
Zivames presently receives 60% of its traffic from mobile site.
The company had also announced its plans to open physical experience zones starting from Bangalore, after opening a prototype in their office.
According Research and Markets, the online lingerie market in India is to grow at a CAGR of 42.32% over the period of 2014-2019. The lingerie retail market in India is estimated to be approximately $2.26Bn (INR 15,000 Cr).
Zivame competes with niche ecommerce players in category with PrettySecrets and Clovia. Besides, a startup started by India’s first bra fitter Arpita Ganesh, Buttercups had also secured undisclosed amount in angel funding, earlier this year.
Owing to his vast experience in building businesses and expanding it globally,
Rata Tata has been joining the advisory board of various VC firms. He recently joined IDG ventures as Senior Advisor. Ratan Tata, who believes in passion of the team to invest in startups, has invested in score of startups including Holachef, Ola, UrbanLadder, Bluestone, Cardekho.com, Paytm, Xiaomi, Snapdeal, Altaeros Energies, Kaaryah, Ampere and more.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.