In its third round of funding, private equity players SAIF Partners and Tiger Global have invested $10 million in e-retailer Zovi.com. This round brings the total funding raised by Zovi to $25 million.
Zovi.com has used the fund to acquire fashion portal Inkfruit. This acquisition will help expand the rapidly emerging ecommerce market in India.
Manish Chopra, CEO, Zovi, said, “This merger creates the country’s strongest private label online fashion company. We look forward to blending together with the Inkfruit team and leveraging their unique design and creative capabilities. Our vision continues to be very clear – Simplifying fashion, online! Zovi was born with a core proposition to locally design and manufacture high-quality lifestyle apparel and accessory products and to offer them online at extremely reasonable prices. The combined team will continue to power ahead towards this vision. We welcome the Inkfruit team onboard.”
Kashyap Dalal, CEO, Inkfruit, said, “We are excited by the opportunity to integrate the businesses and leverage complementary team strengths, product lines and customer bases to scale rapidly. We look forward to working as one team and build one of the largest e-commerce businesses over the next few years.”
The combined entity will operate out of two centres, Bangalore and Gurgaon with a satellite office in Mumbai to support the regional sourcing and logistics functions.
Zovi.com will use the funds for its growth initiatives, marketing campaigns and launching new categories. The funds and the merger will facilitate accelerating its growth in existing categories and expanding logistics to build its self-delivery network to cover more than 75 per cent of total shipments.