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Online Private Labels Zovi & Inkfruit Merge; Raise $10Mn Funding

Robemall Apparels Pvt Ltd which operates the online lifestyle apparel and accessory store Zovi.com, has announced its merger with the Mumbai based e-commerce venture Inkfruit.com.This was first reported by Times of India, although NextBigWhat had hinted at the acquisition yesterday. While the financial details of the deal were not disclosed, the company said that Inkfruit's team including its co-founders, Kashyap Dalal and Navneet Rai, will continue to work with the combined entity, however there is currently no information on what their roles will be in the combined entity. The company also noted that it will operate out of two centers, Bangalore and Gurgaon with a sourcing and logistics office in Mumbai, although its not clear if the companies will keep both the store fronts or if Inkfruit inventory will be integrated to Zovi. Both the store fronts were live, at the time of writing this article. New Round of Funding: Along with this merger, the combined entity has raised $10 million funding in its third funding round from existing Zovi investors like SAIF Partners and Tiger Global. Its worth noting that SAIF Partners is also an investor in Inkfruit.com and according to a Times Of India article, both SAIF Partners and Tiger Global had sought this merger to reduce the cash burn. Zovi had previously raised around $15.5 million, including a $10 million round from Tiger Global and SAIF Partners in June 2012 and a $5.5 million round from SAIF Partners and a group of angel investors including MakeMyTrip founder Deep Kalra in July 2011. On the other hand,…

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