Technology-focused investment firm Zodius Capital has bought out shares held by Kalaari Capital and IDG Ventures India to increase its stake to at least 45% in online lingerie retailer Zivame. With this deal, Zodius now has three of the six board seats in Zivame though it has not filled any of the two additional seats.
Both Kalaari and IDG Ventures had invested in Zivame in early 2012, however, the valuation of the stakes sold by these firms could not be ascertained. Another shareholder in the company is Unilazer Ventures, which is expected to stay invested in the startup.
The company was last valued at over $100 million when it raised capital from Zodius Technology Fund and Malaysia’s Khazanah Nasional Bhd in September 2015.
Zivame’s founder Richa Kar had stepped down as CEO in March last year though she continues to remain on the board. Shaleen Sinha, who was heading operations after Kar, has recently moved on from the company.