SAIF Partners Invests In Online Apparel Brand - Zovi.com
SAIF Partners and angel investors including MakeMyTrip founder Deep Kalra have invested $5.5 Mn in Zovi.com, the first exclusively online apparel brand in India.
Zovi.com will use the money to expand its supply chain, inventory and product range, and set up warehouses and a logistics team.
According to Mukul Singhal, VP at SAIF Partners, "The idea for Zovi came from one of our successful investments in China in Vancl.com an online apparel brand."
Transaction Reference: Economic Times
Robemall Apparels Pvt Ltd which runs Zovi.com, currently sells shirts and belts for men, and will add trousers, jackets and ties by August. It sells a range of men's apparel designed in-house by a team led by Sartaj Mehta former design head of Benetton India.
Satish Mani former CTO at Cleartrip.com will drive operations at the company. Zovi.com has also appointed another former Benetton executive Kavindra Mishra.
According to consultant Technopark's 2010 report 'India's Consumer and Retail Sectors', Apparel is the third largest category in discretionary spending in India.
SAIF's only other incubation effort in India was in HomeShop18, which runs a television shopping channel that reaches 10 million households as well as an online store.
SAIF Partners' investment portfolio include e-commerce firms like MakeMyTrip and Just Dial and also includes FirstCry.com, Inkfruit.com, among others.
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|SAIF Partners|| BFSI
|http://www.sbaif.com/||Ravi AdusumalliVibhor MehraVishal SoodDeepak GaurMukul SinghalPiyush GoyalNitesh BhadaniSanjeev -Vivek MathurAbhimanyu SanghiPrashant Talwar|
|Robemall Apparels Private Limited||
Sartaj Singh Mehta
|4th Floor, Krishna Mansion, 147/10, 80 Feet Road, J.P. Nagar 1st Phase||http://zovi.com|
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