Zovi secures 50 Crores from SAIF Partners and Tiger Global
Date: Tuesday , February 26, 2013
Bangalore based clothing and accessories company, Zovi has recently raised Rs.50 crores from private equity funds, SAIF Partners and Tiger Global. Moreover, they have merged with Inkfruit for operations.
The funds will be used for Zovi's growth initiatives, marketing campaigns and introducing new categories. This merger will boost growth in existing categories and expanding logistics to build a network to cover more than 75 percent of shipments.
"The 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," Zovi CEO Manish Chopra said in a statement.
"We are excited by the opportunity to integrate the businesses and leverage complementary team strengths, product lines and customer bases to scale rapidly," says Inkfruit CEO Kashyap Dalal. 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.
This is the third round of funding and the total funding so far would be Rs.125 crores from Tiger Global and SAIF Partners, which is a strong evidence of investor’s belief.