Global Online Apparel Raises $4M From Mangrove Capital
Global Online Apparel, the group holding company of various e-commerce ventures including online shoe retailer BeStylish.com, DealsandYou.com and FashionandYou.com, has raised $4 million by offering a minority stake to Luxembourg based VC firm Mangrove Capital Partners, reports VC Circle. The company intends to utilize the funding for launching more portals across the globe, through new holding companies, including in emerging markets like Brazil, Australia and Turkey.
Global Online Apparel is promoted by Smile Interactive Group founder Harish Bahl, along with Klaus Hommels and Oliver Jung. The three had also come together to form Group Deals Global AG, the holding company that acquired Wanamo.com, last year. Wanamo was later rebranded as DealsandYou.com.
ZOVI.com Raises $5.5 Million From SAIF Partners
ZOVI.com an exclusive online apparel brand, has raised $5.5 million from SAIF Partners and a group of angel investors including MakeMyTrip founder Deep Kalra, reports The Economic Times. The company intends to use the funding for expansion of its supply chain and product range. ZOVI will be a purely online brand, similar to the Chinese venture Vancl.com. SAIF Partners have previously invested in Vancl.com.
The venture is part of SAIF’s entrepreneur in residence project, under which it chose former Cleartrip CTO Satish Mani to lead the company. Initially, the site will retail men’s apparel and will later expand its lineup to feature women’s wear, by the end of the year. The company has hired former Benetton executives Sartaj Mehta and Kavindra Mishra to lead the apparel design team. Deep Kalra will also join the board of the company.