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.
The development comes a few days after Zivame appointed Amisha Jain as the new CEO.
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.
In October 2017, Zivame appointed former Nando’s India CEO Sumeet Yadav as executive chairman who is now working with company in an advisory role.
In the last 12-18 months, the company has launched over 26 brand stores and aims to reach 100 stores by FY19 end for which it has set aside an investment of Rs 30-40 crore.
Zivame which is competing with players like Buttercups, Clovia, Cilory, Prettysecrets, InnerSense, Shyaway etc., claims to clock close to 1 lakh orders per month.
The Bengaluru-based startup recorded net sales of Rs 52.9 crore in FY17, down about 15% from Rs 62.6 crore in FY16. Its loss stood at Rs 56.5 crore in FY17, compared to Rs 53.3 crore in FY16.