Lingerie brand Zivame targets $50 mn fundraise for expansion
Zivame, a leading lingerie brand, is planning to raise $50 million. With the proposed fund, the brand is aiming to expand the number of stores from 35 to 60 by FY20.
Zivame expects to cross Rs 250 crore in revenue in FY20 from a revenue of Rs 140 crore in FY19. The brand holds about 26% market share of online women's lingerie market in India.
At present, Zodius Capital, the technology-focused investment firm, is the largest shareholder in Zivame, with about 60%. In 2018, Zodius rose its stake by buying out early venture capital investors Kalaari Capital and IDG Ventures India.
The brand’s other shareholders include Ronnie Screwvala-promoted Unilazer Ventures and Malaysian sovereign fund Khazanah Nasional Bhd, together holding about 40% in Zivame.
Amisha Jain, CEO of Zivame, said, “The intimate wear market in India is witnessing rapid growth on the back of strong underlying macro tailwinds. Today only 6% of the 40 million online women shoppers buy lingerie online. The significant upswing is also expected from the base of online shoppers itself increasing from 40 mn to 130 mn by 2025. This underpenetrated innerwear market poses an opportunity to expand and thrive in the apparel market.”
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