Indian online lingerie retailer Zivame has raised Rs. 60 cr in funding as part of a bridge round, led by Zodius Technology Fund and a group of high net worth individuals. A bigger round of funding is planned this year after this, which was part of the company’s series C funding. No disclosure was, however, made about the details of the planned larger round.
The funding will enable the company to further enhance its footprint in existing and newer markets, said Zivame Chief Executive Officer Amisha Jain. The funds would be used for ongoing retail expansion, augmentation of technology, product development and strengthening omni-channel strategy, a news agency report quoted Jain as saying.
Zivame has over 30 retail stores and aims to expand to more than 60 in a year. It also aims to strengthen its presence in major malls and high streets with a special focus on tier-I cities. The company would focus on big cosmopolitan areas like Delhi-National Capital Region, Mumbai, Chennai, Kolkata, Bengaluru, Chandigarh, Pune, Kochi and Mysore, she said.
Founded in 2011, Zivame counts Zodius Capital, Unilazer and Khazanah Nasional Berhad (Government of Malaysia’s strategic investment fund) among its investors. The company had raised Rs. 250 cr in funding in 2015.