Bengaluru-based Lingerie Start-up Zivame Raises $2.7 Mn from Existing Investors
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Bengaluru-based lingerie start-up Zivame has raised equity funding of 2.7 million from existing investors including Zodius capital and Avendus Capital according to a media report. The same report said that the funding will be utilized for the ongoing and future retail expansion, augmentation of technology, product development and strengthening Zivame’s omni-channel strategy.
Founded in 2011 by Richa Kar and Kapil Karekar, the start-up is leveraging technology to make lingerie wear in India accessible and affordable and also to educate women about intimate wear.
The Bourgeoning Market
Innerwear market in India is undergoing an evolution. While the theme of women’s innerwear was considered a stigmatized topic initially, people have come forward to break barriers and stop using the “hush” language for it. According to a report by Franchise India, India's lingerie market is currently valued at $3 billion and holds the largest pie of market share in India with high margins in returns.
While initially, Lux, Rupa, Jockey were the seemingly market players in the Indian innerwear market, the digital boom and deep discounting have bolstered the user base of players like Zivame, Clovia etc have emerged as the strong players in the industry.
Zivame was founded out of the need to serve the underserved Indian women’s innerwear market. In an interview with Entrepreneur India in 2017, Founder and CEO, Richa Kar, said, “Zivame was born out of a vision to ensure that every woman has access to the lingerie she deserves in an environment that is consultative, inclusive and friendly,” she says. In the largely unorganized retail market of lingerie in India there exists a lot of gap and for Kar, “the only way to create a difference was to take the plunge.”
Zivame also saw facing some rough waters when it saw some exits from investors. The innerweartech platform also appointed Amisha Jain as the CEO last year.
The startup raised $48 million through Series C funding from marquee investors like Ratan Tata, Kalaari Capital, IDG Ventures, Unilazer ventures, Zodius Technology fund, and Khazannah Nasional Berhad. In April this year , the platform raised $8.6 million in a bridge round of funding.