Zovi.com, a fashion etailer has recently disclosed $10 million in funding from Tiger Global & SAIF partners in Series B Round of funding which happened last year.
Zovi is a web-exclusive label for Fashion Apparels & Accessories. The company has been really active on Display Marketing and on Facebook Advertising. The company was established in December 2010 and had earlier raised $5.5 million in Series A from SAIF Partners in December 2010 though the announcement was made in mid-2011. It was an incubated project by SAIF Partners, by bringing together senior executives from various fields and forming the core team of the company as well as providing valuable guidance and directions. Now Board of zovi includes SAIF Partners, Tiger Global and other investors.
Besides Zovi, SAIF Partners has invested money in many companies in the Indian E-commerce space such as MakeMyTrip, Home Shop 18, just Dial, First Cry, Prop Tiger, Inkfruit.Com, iXiGo.Com, iStream.Com among others. The company has its India office at New Delhi besides offices in Hong Kong, Shanghai and Beijing.
The market for Fashion Apparels & Accessories in India is gaining increased traction from all Manufactures, Retailers, Consumers, Investors, Indian & International Brands. Recent launch of Fashionara.com, rock.in, outletwise.com, shopnineteen.com and fund raising rounds of Cbazaar for $3.5 Mn, $8 Mn by Fashionara, $40 Mn by Myntra are all leading to making consumers used to buying apparels online.