Zivame, a leading digital lingerie retailer, recently announced that it has raised a sum of Rs.60 crore in funds through a bridge round. This round of funding was led by certain HNI individuals and Zodius Technology Fund. A larger funding round is expected to follow this round of fund infusion later this year.
Ms. Amisha Jain, the Chief Executive Officer of Zivame, said the funding will help the company enhance its leadership and footprint in both newer as well as existing markets. She also stated that the funds received by the company through the bridge round will be used to augment technology, for retail expansion, strengthen the omnichannel strategy of the company, and for product development.
Zivame currently has more than 30 offline stores. It is looking to expand to over 60 retail stores in a year’s time. Zivame is also aiming to increase its presence in high streets and major malls. The company is expected to focus on metropolitan cities like Chandigarh, Bengaluru, Kochi, Pune, and Mysore, among others, this year.
Ms. Jain added that Zivame will continue to strengthen its offline presence, while also maintaining its current position as a market leader in the digital space. Zivame was founded in the year 2011 and counts Unilazer, Zodius Capital, and Khazanah Nasional Berhad as its investors. In the year 2015, Zivame had raised around Rs.250 crore as funds.
Source: The Times of India