In yet another funding round, online lingerie retailer Zivame has raised an undisclosed sum from Tata Sons chairman emeritus Ratan Tata to further grow its business in India, as per a report in The Economic Times. This is the second funding that Zivame has received in the last two weeks.
Zivame, owned by Actoserba Active Wholesale Pvt Ltd, had raised about $37 million (Rs.250 crore) in a series C funding round from Zodius Technology Fund and Khazanah Nasional Bhd, the investment holding arm of the government of Malaysia a few days ago. Existing investors Unilazer Ventures, IDG Ventures India and Kalaari Capital had also participated in the round.
The company will use fresh funds to acquire customers, expand product offerings and increase consumer touch points. Besides, it will also invest in boosting its technology infrastructure and recently announced a data sciences lab.
After stepping down from an active role in Tata Group, Ratan Tata has become an influential investor in startups. Ratan Tata has invested in close to a dozen Indian as well as international start-ups in the last one year.
A few days ago he made personal investments of an undisclosed amount in Mumbai-based food-tech startup Holachef and data analytics start-up Infinite Analytics Inc. In July, he participated in a $10.2 million round of funding for online doctor appointments booking site Lybrate Inc. In June, he made an investment in taxi aggregator Ola and joined the advisory board of Jungle Venture. He previously also invested in Snapdeal, Paytm, Urban Ladder and Bluestone, among others.
Zivame started out as an aggregator of brands including Enamor, Amante, Jockey, among others, but launched private labels two years ago in an attempt to boost margins. At present, private labels such as Penny and Cou Cou account for about 60% of the sales for Zivame. It competes with the likes of Pretty Secrets and Laceandme in India.
The company, which was founded by former SAP executive Richa Kar in 2011, had earlier raised about $9 million in two rounds, the last being a $6 million round in December 2013.