SAIF Partners backed e-commerce players, Zovi and InkFruit announced merger later this week, though the financial details are undisclosed. With this, InkFruit’s products and merchandise will be available on Zovi.com and Kashyap Dalal and Navneet Rai, co-founders of InkFruit, will be joining the board at Zovi, bringing India’s both online fashion private label brands together. Apart from merger, Zovi also announced that it raised 3rd round of funding of $10m from two of its existing investors, SAIF Partners and Tiger Global.
Speaking on the merger, Manish Chopra, CEO, Zovi said, “This 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. Our vision continues to be very clear – Simplifying fashion, online! We welcome the Inkfruit team onboard”.
“We are excited by the opportunity to integrate the businesses and leverage complementary team strengths, product lines and customer bases to scale rapidly. We look forward to working as one team and build one of the largest e-commerce businesses over the next few years,” said Kashyap Dalal, CEO, Inkfruit.
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.
Previously Zovi had raised $5.5 million from SAIF Partners in July 2011 and then $10 million from SAIF and Tiger Global soon after. With this SAIF Partners had also invested $3 million in Inkfruit in January 2011 and since then the Inkfruit hasn’t received any funding. And it is anticipated that SAIF Partners as a common investor has been one of the reason for the merger.
Zovi.com was launched in July 2011 with a men’s fashion line and has since grown to include a women’s line, home furnishing, kidswear and an increasing number of fashion products such as: shoes, socks, bags, etc. Whereas, Inkfruit was started in 2008 as a crowd sourcing platform where artists from all over the world could contribute their creations and only the best would be curated by Inkfruit to feature on its product range. Inkfruit was was an online t-shirt retailer, but has now diversified as a casual wear and accessories seller.