Zivame, one of India’s largest online lingerie megastore, has gulped in a massive $40 Million in its latest Series C funding round, led by Khazanah Nasional Berhad and Zodius Technology Fund.
Existing investors of the company – Unilazer, IDG Ventures and Kalaari Capital have also participated in this round. With the newly raised money, the company is planning to continue dominating the category and provide a world class lingerie shopping experience to Indian women.
It will use funds to get more women to shop online, strengthening its merchandise offering with innovative products, increasing consumer touch points and building the category with path-breaking technology.
Along with that, taking cue from the fact that it receives over 60% of its traffic from mobile, the company has announced the launch of its mobile application which is claimed to be the first dedicated lingerie app for women in India. With a browse-driven experience, the app is made for speed with a two click checkout process.
Richa Kar, Founder and CEO, Zivame said,
Worldwide, lingerie is the most exciting category in the women’s apparel segment. The Indian woman, who is more confident than ever before is indulging herself in lingerie to express her individuality.
She wants to look and feel good and has the economic independence to splurge on lingerie she never had access to before. Zivame is the catalyst of this change; using technology to understand her better and providing her an unsurpassed lingerie experience.
Founded in 2011 by Richa Kar, ZivaMe has brought lingerie online, resulting in an increased consumption and hence the largest market share. It features over 5000 lingerie styles, 50 brands and 100 sizes. While it earlier used to act as an aggregator of brands, it pivoted its model and launched its private labels two years ago for higher margin. About one-third of Zivame’s revenues come from tier II and III cities.
Earlier, the company had raised about $9 million in two funding rounds.