Lingerie etailer Zivame raises $2.7 mn from Zodius, Avendus

Lingerie etailer Zivame raises $2.7 mn from Zodius, Avendus
Photo Credit: Photo Credit: VCCircle
18 Sep, 2019

Bengaluru-based lingerie etailer Zivame has raised $2.7 million from existing investors Zodius Capital and Avendus Capital.

Zodius Capital, an early-stage investment firm, picked up 12,334 and 14,715 equity shares in two tranches of around $1 million and $1.12 million, respectively.  Financial services firm Avendus Capital picked up 9,916 equity shares worth $700,000, according to regulatory filings. Both the issues have been made at a premium of Rs 5,426.85 per share.

Zivame raised around $8.6 million in a bridge round in April, led by existing investor Zodius Technology Fund.

The funding was to be used for boosting the company’s retail, technology, product development and omnichannel initiatives. The company had said it was planning to raise a larger round later this year.

Run by Actoserba Active, Zivame was founded in 2011 by Richa Kar who previously worked with German software firm SAP.

According to media reports, the company has raised $57.5 million till date.

The company sells lingerie, loungewear, swimwear, nightwear and fashion apparels. After starting as an aggregator, Zivame pivoted to a private label business in the middle of 2016. The company has a number of private labels including Penny and Coucou.

In May last year, the firm underwent a management change and brought on board Amisha Jain as CEO in place of Shaleen Sinha.

The company increased revenue and reduced its loss during the financial year 2017-18.