Zivame to use new Rs 60 crore funding round to expand brick-and-mortar footprint

By

Isabelle Crossley

Published
Apr 1, 2019

The online lingerie brand Zivame has raised Rs 60 crore ($9 million) in a bridge funding round led by the equity firm Zodius Technology Fund and plans to use the capital to double its brick-and-mortar store count this year. 

Zivame plans to expand its offline store count from 30 to 60 in the coming year. The expansion will focus on Tier 1 cities and the brand will concentrate on locations in malls and on high-streets. Locations for upcoming stores include Delhi NCR, Mumbai, Pune, Bengaluru, Kochi, Kolkata, Chennai, Mysore, and Chandigarh. The business, which was founded in 2011, will also increase its points-of-sale across the country along with continued online expansion. 

"The funding will enable us to further enhance our footprint and leadership in existing and newer markets as we continue to build on our mission to be the destination for women for all her intimate needs,” Amisha Jain, Zivame’s CEO told the Press Trust of India. “We continue to build the category as the Indian lingerie market is largely unorganised and under-served."

Along with retail expansion, Jain stated that the funds will also be used to augment technology and for product development. The funds were raised as part of the business’ current Series C funding round. A larger funding round is planned for later in the year. As well as Zodius Technology, funds were invested by a number of high-net-worth individuals.