Zovi discloses $10M in series B funding by Tiger Global & SAIF Partners; upcoming plans
Zovi.com, a private label e-tailer dealing in apparel and accessories for men and women, has disclosed that it has raised $10 million in series B round of funding from Tiger Global besides existing investor SAIF Partners. The investment was made last year but the firm had not publicly shared the details.Founded in 2010, Zovi is controlled by Robemall Apparels Pvt. Ltd. It was founded by Satish Mani, former senior vice-president (Technology) at Cleartrip, along with Kavindra Mishra and Sartaj Mehta.
Talking to Techcircle.in Satish Mani, co-founder and CEO of Zovi, said the funds has been utilised primarily for expanding warehouse operations and creating a full logistics team. Zovi has its own logistics operations in as many as 15 cities including Bangalore, Chennai and Delhi.
Talking about the cost of apparel retailing online, Mani said, "It depends on how you do business but yes considering we do our own merchandise so we do require comparatively more capital."
But, he said the firm is not looking at another round of funding anytime soon.
Zovi had initially launched the venture with men's formal shirts and belts, but expand to women's categories few months ago.
Mani said the firm has seen a good response from customers after it launched products for women. The firm has an average order ticket size of around Rs 800-1000 and it is clocking 1,200-1,500 transactions on a day on an average. Back of the envelope calculations show this should translate into GMV of Rs 3 crore to Rs 4.54 crore a month.
Zovi had recently launched a new feature on its portal called "live" which enables users to track what other items are being viewed or bought or added to wish list by other buyers and also their cities.
It is also launching a new feature called Zovi "eye" which will let people virtually try the apparel if the user has a webcam. "It is beta software as of now and we haven't really perfected it. But we are launching it tomorrow because we are looking for customer feedback on it," Mani said.
He added the firm is also adding kidswear and home furnishings under its label very soon.
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