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Tiger Global and SAIF invest $10 million in fashion portal Zovi
Tiger Global and SAIF invest $10 million in fashion portal Zovi
By: iMedia News Bureau

Bangalore-based e-commerce startup Zovi has raised $10 million as part of its Series B round of funding from Tiger Global and SAIF Partners.

Founded in 2010, Zovi.com a private label e-tailer dealing in apparel and accessories for men and women had last year raised $5.5Mn from SAIF and angel investor Deep Karla (MakeMyTrip) to expand its supply chain, inventory and product range, and set up warehouses and a logistics team.

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.

Zovi had initially launched the venture with men’s formal shirts and belts but expand to women’s categories few months ago. It has recently launched its news feature on its portal called “live” which enables users to track what other items are being viewed or bought or added to wish list by other buyers and also their cities.

The firm has an average order ticket size of around Rs 800-1000 and it is clocking 1,200-1,500 transactions on a day on an average. Back of the envelope calculations show this should translate into GMV of Rs 3 crore to Rs 4.54 crore a month.

It is also launching a new feature called Zovi “eye” which will let people virtually try the apparel if the user has a webcam.

SAIF Partners' investment portfolio includes e-commerce firms like MakeMyTrip and Just Dial and also includes FirstCry.com, Inkfruit.com and Homeshop18 among others.