Zodius, Khazanah back India online lingerie retailer

The round - which the company confirmed via its Twitter account - also features existing backers Unilazer Ventures, IDG Ventures and Kalari Capital. Some of the new capital has been earmarked for Zivame's online-to-offline strategy, opening stores where women can come for fittings and receive advice from staff on product selection.

The company was set up in 2011 by CEO Richa Kar and Kapil Karekar. Kar, who previously worked for Spencer's Retail and SAP, was driven by a desire to create a lingerie store that understood customers' needs, browse different styles, and receive their orders at home. The name is based on the Hebrew word Ziva, which means radiance.

"While I was studying the Indian lingerie market as part of my job, I realized there was so much social discomfort while buying lingerie that it got reduced to a five minutes hurried chore," she explains on the company website. "Most shops did not keep all the sizes, and smaller shops have male salesman making it really difficult for a woman to convey what she really needs."

Zivame now claims to be India's number one lingerie destination, featuring 5,000 styles in 100 sizes from 50 brands. It caters to more than 300,000 women across India, selling one bra a minute or 1,440 a day. The company's first fitting lounge opened in Bangalore last year and is looking to develop its mobile app and private label business.

A report cited by The Economic Times estimates that India's lingerie and sleepwear market is worth around $3 billion, of which 1% is online. It is projected to reach $5 billion within five years.

According to AVCJ Research, Zivame received $1.5 million from IDG and Kalaari in 2012 and then $6 million from the two existing investors and Unilazer in 2013. In addition to competing with broad-based online marketplaces such as Flipkart and Snapdeal, the company is up against another lingerie specialist, Pretty Secrets.

Zodius is currently raising its latest technology-focused fund, which launched last year with a target of $500 million and reached a first close of $110 million in May. The fund focuses on late stage and pre-IPO investments in technology companies, including the social, mobile, analytics and cloud sector.

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• Topics
• Consumer
• South Asia
• Venture
• Technology
• India
• TMT
• Consumer
• Venture
• Khazanah Nasional
• Zodius Capital