Online lingerie retailer Zivame has raised Series C funding worth ~$38 million (Rs 250 crore) led by Khazanah Nasional Berhad (Government of Malaysia’s strategic investment fund) and Zodius Technology Fund, with participation from existing investors Unilazer, IDG Ventures and Kalaari Capital. Zivame will use the funds for bolstering its growth and concentrate on user experience.
The company also launched its mobile app on Android. The company, which said that it had, since inception, set up a wing for lingerie development based on body types of Indian women, also announced a data sciences lab to make ‘affordable and accessible confidence boosting products’.
Founded in 2011, Bangalore-based Zivame is owned and operated by Actoserba Active Retail. It claims that 60% of its revenue comes from its in-house products, while 30% of its revenues came from Tier II and III cities. It also added that around 60% of Zivame’s traffic came from mobile.
Zivame had raised an undisclosed amount in its Series A funding from IDG Ventures and Indo-US Venture Partners in March 2012. In December 2013, it raised $6 million in a round led by Ronnie Screwvala’s Unilazer Ventures, with participation from then existing investors.
As of now, it claims to have over 5,000 lingerie styles in 50 brands and 100 sizes. It has a selection of regular and plus size lingerie, sports and shapewear, bridal, leisure, nightwear and swimwear. It also has a fitting lounge in Bangalore.
Zivame’s competitor PrettySecrets had raised undisclosed amount from Indian Angel Network in October 2012. Other players in the segment include StrapsAndStrings, OyeGirl, Cilory, Koovs, ShopImagine and Clovia (which got an undisclosed sum of seed funding from Zurich-based Mountain Partners AG and an arm of the Kanwar family in 2013). Lingerie brand Bwitch India has its own online store and e-commerce portals like Myntra, Flipkart, Jabong, eBay, Infibeam and Yebhi also offer a dedicated lingerie section.
Image Credit: Flickr user Tom Hickmore