Unilazer leads $6m for Indian online lingerie retailer
Indian online lingerie retailer Zivame has received a round of Series B funding worth $6 million led by Unilazer Ventures. Existing backers IDG Ventures and Kalaari Capital Partners also participated.
The Bangalore-based company will use the fresh capital to expand product categories and improve marketing reach. It is targeting online sales of $164 million in the next 4-5 years.
"In e-commerce, we look at verticals that have the scope to grow exponentially and ability to build product brands in a fragmented market," Ronnie Screwvala, founder of Unilazer Ventures, told the Livemint. "And in the case of Zivame, we feel the segment is very scalable and lends to private and one-on-one shopping to Indian women-a fast growing segment of consumers."
According to AVCJ Research, IDG and Kalaari committed $1.5 million in Series A funding to Zivame last year.
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