Zivame Raises $6 Mn in Funding, Led by Ronnie Screwvala

zivame_logoLingerie ecommerce portal, Zivame has raised $6 million in funding from a round led by UTV founder and entrepreneur Ronnie Screwvala, according to a recent report.

The Bangalore based founded two years ago by BITS Pilani alumni Richa Kar plans to quadruple its online sales to Rs 1000 crore in the next 3 to 5 years, (source).

Investment company Unilazer Ventures, owned by Ronnie Screwvala, is leading the round along with existing investors.

Earlier in January this year Zivame raised $3 million from IDG and Kalaari Capital.

“We invest in broad-based consumption stories, which are scalable lending itself to building a brand. Indian shopping habits in this segment has not even touched the tip of the iceberg. Online shopping will be massive as it lends to private shopping,” said Screwvala, who sold  UTV Software Communications to Walt Disney in 2011 for Rs 2,000 crore.

The newly raised funding will be used to improve personalization, recommendations and visual merchandising, as well as marketing to get more tier 2 women buy online.

Ronnie Scewvala’s Unilazer Ventures earlier invested in Valyoo Technologies, the company behind WatchKart, Lenskart, bagskart and jewelskart.

Recomended Read: How do you differentiate and be profitable on a “lingerie” thin margin business in India?

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