Robemall Apparels Pvt Ltd which runs Zovi.com, a lifestyle apparel and accessory e-store, has raised $10 million (~ Rs. 56 crore) in a series B round of funding from Tiger Global and SAIF Partners, reports Startup Central.
Zovi.com currently sells shirts, belts, trousers, jeans, sportswear, among others for men and women. It also sells men’s apparel designed in-house by a team led by Sartaj Mehta, former design head of Benetton India. With its in-house design team, Zovi is able to sell high quality apparels at low cost. Zovi claims that they are able to sell high quality apparels at low cost as it does not incur cost of rent, sales staff, retail store capex, and retail store overheads. It does not have any retail presence and it fully operates as an online business model. Last year, ZOVI raised $5.5 million from SAIF Partners and a group of angel investors including MakeMyTrip founder Deep Kalra to expand its supply chain and product range.
The website offers the conventional mode of payment including net banking, credit/debit card (it does not support Maestro), cash on delivery and PayPal. It also offers free shipping on all of its products.
Of late, venture capitalists have shown a lot of interest in ecommerce stores. There’s also a consolidation war going on — Flipkart has shut down Letsbuy.com after acquiring it for an undisclosed amount, Snapdeal.com also shut down Esportbuy.com just after two months of its acquisition. More recently, Myntra.com, an apparel, footwear and accessories focused ecommerce venture raised $21 million from Tiger Global, the same venture capital that has invested in Zovi.com. It is also suggested that Flipkart might soon be foraying into apparel business.
(Update: Startup Central had broken this story, and the post has been updated to reflect that)