Zivame Secures $6M In Funding From Unilazer Ventures
UTV Founder and Entrepreneur Ronnie Screwvala’s Unilazer Ventures has invested $6 million in online lingerie store Zivame, according to a report from The Economic Times. Started in 2011, Zivame will use the raised funds to improve personalization, recommendations and visual merchandising, as well as marketing to get more tier 2 women buy online.
The Bangalore based company had previously raised $3M from IDG and Kalaari Capital last year in March. Founded by Richa Kar the portal deals in lingerie, loungewear, swimwear, nightwear and allied categories. The portal currently offers over 3,000 lingerie styles from 42 national and international brands such as Enamor, WonderBra, Triumph, Ultimo, Jockey, Amante, Bw!tch, Inaya, Hanes and Lovable as per Medianama report.
Richa revealed in the ET report that Zivame is looking to quadruple sales to Rs 1,000 crore in three-five years. ”We are making a non-decrepit category like lingerie more accessible and a part of fashion accessories for women. Twenty percent our women customers have never shopped online before, and in a sense we are a change agent for many of them,” Kar told TOI.
India’s heavily fragmented lingerie market is estimated at $3 billion, dominated by unbranded players, dogged by a certain lack of shopping experience. As per a report from YourStory, Zivame had 15% buyers from Tier 2 & 3 cities in 2011 and this number went up to 30% in the 2012.
Image Source | www.zivame.com
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Source: http://www.watblog.com/2013/12/11/zivame-secures-6m-in-funding-from-unilazer-ventures/
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