Online-turned-offline lingerie brand Zivame has raised Rs.60 crore in funding as part of a bridge round led by Zodius Technology Fund and a group of high net worth individuals.
A part of the company’s Series C funding, the latest fund infusion will be followed by a larger round later in 2019. The firm, however, did not disclose the details of the larger round being planned.
“The funding will enable us to further enhance our footprint and leadership in existing and newer markets as we continue to build on our mission to be the destination for women for all her intimate needs. We continue to build the category as the Indian lingerie market is largely unorganised and under-served.” – Amisha Jain, Chief Executive Officer, Zivame
She added that the funds would be used for ongoing retail expansion, augmentation of technology, product development and strengthening Zivame’s omnichannel strategy.
Presently, Zivame has over 30 retail stores and aims to expand to more than 60 in a year. The retail brand also aims to strengthen its presence in major malls and high streets with a special focus on tier-I cities.
Jain said the company would focus on metro cities like Delhi-NCR, Mumbai, Chennai, Kolkata, as well as Bengaluru, Chandigarh, Pune, Kochi, Mysore and others.
She also added that Zivame would continue to develop and strengthen its offline presence while maintaining leadership position in the online space.
Zivame was founded in 2011 and has got investment from Zodius Capital, Unilazer and Khazanah Nasional Berhad (Government of Malaysia’s strategic investment fund). The company had raised Rs 250 crore in funding in 2015.
