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The Smart Techie was renamed Siliconindia India Edition starting Feb 2012 to continue the nearly two decade track record of excellence of our US edition.

July - 2012 - issue > Venture Beat

Zovi nabs $10 Million in Series B Funding

SI Team
Wednesday, August 1, 2012
SI Team
Zovi, jointly founded by Satraj Singh Mehta and Kavindra Mishra in 2010 has raised $10 million in series B round of funding from Tiger Global and SAIF Partners to expand its supply chain and product range. Till date, the company has raised over $15 million in various rounds of funding. The earlier investors include MakeMyTrip founder Deep Kalra.

The Bangalore based Zovi is an online apparel store which caters to men and women. It is a hotspot for unisexual shirts, belts, trousers and sportswear. The website works on a traditional mode of payment with cash on delivery basis. Zovi has its own logistics operations in over 15 cities including Bangalore, Chennai and Delhi.

"SAIF Partners themselves have conceptualized the business model of Zovi. We aim to grow the business from Rs.10 crore last year to Rs.80 crore in FY2012-13. We will expand to children’s and home furnishing categories soon. Zovi will also continue to invest in developing products and services," says Sartaj Singh Mehta.

With over 100 head count currently, Zovi foresee a huge demand from Tier 2 and 3 cities where it is driven by lack of retail infrastructure, inaccessibility coupled with increasing awareness about the latest styles and trends. The demand in metros is mainly driven by convenience and the proliferation of smart shoppers who look for value for money products without having to compromise on style and quality.

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