Zivame, India’s biggest online lingerie retailer, may be in talks to sell a 40 per cent stake currently owned by Ronnie Screwvala-promoted Unilazer Ventures and Malaysian sovereign fund Khazanah Nasional Bhd.
The deal will be valued at US $ 100 million or Rs. 700 crore.
Two separate discussions are ongoing with home-grown private equity fund Gaja Capital and L Catterton to acquire the stake. However, the discussions with Gaja Capital are at a more advanced stage.
Zodius Capital is the largest shareholder in Zivame with a 60 per cent stake. Zivame raised Rs. 60 crore in a bridge round of funding led by its existing investor Zodius in 2019.
Initially in September, Zivame held discussions with private equity funds to raise around US $ 50 million.
The e-tailer had raised US $ 40 million in 2015 in a Series C round of funding from Zodius Technology Fund and Khazanah Nasional Bhd. Back in 2018, Zodius had increased its stake by buying out early venture capital investors, Kalaari Capital and IDG Ventures India.