Zovi merges ops with Inkfruit; raises $10 mn from SAIF, Tiger
E-commerce player Zovi on Friday said it has merged its operations with industry peer Inkfruit and has also raised USD 10 million funding from private equity funds SAIF Partners and Tiger Global.
New Delhi: E-commerce player Zovi on Friday said it has merged its operations with industry peer Inkfruit and has also raised USD 10 million funding from private equity funds SAIF Partners and Tiger Global.
"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," Zovi CEO Manish Chopra said in a statement.
In addition to this, Zovi's third round of funding brings the total funding raised in Zovi to USD 25 million and is strong evidence of the investor's belief in the market opportunity and the Zovi team, he added.
Zovi will use the funds for its growth initiatives, marketing campaigns and launching new categories.
The funds and merger will facilitate accelerating growth in existing categories and expanding logistics to build self- delivery network to cover more than 75 percent of total shipments, he added.
"We are excited by the opportunity to integrate the businesses and leverage complementary team strengths, product lines and customer bases to scale rapidly," Inkfruit CEO Kashyap Dalal said.
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.
Launched in July 2011, the Bangalore-headquartered Zovi offers apparel and accessories, home furnishing and kidswear.