Reliance Brands has reportedly bought over the entire 15 per cent stake of Ronnie Screwvala-owned Unilazer Ventures in lingerie retailer Zivame. According to a report by The Economic Times, Reliance Brands, which sells several premium and luxury labels such as Jimmy Choo, Tiffany, Diesel and Mothercare in India, is also planning to take full control of the firm.
Reliance Brands could pay up to $160 million—or about Rs 1,200 crore—for acquiring Zivame, the report said citing sources. The Reliance bet comes amid the online retail space witnessing a churn with the pandemic.
Founded in 2011 by Richa Kar and Kapil Karekar, Zivame began its operations as an aggregator of lingerie brands. It has raised a total of $69 million in funding over seven rounds till date.
Zivame is funded by 10 investors, including Avendus Capital, Zodius Capital, Trifecta Capital Advisors, The Allana Group, Khazanah Nasional and Chiratae Ventures. Reportedly, Zodius Capital and Khazanah Nasional would exit the firm.
Along with lingerie, the Ratan Tata-backed startup has also entered into other segments such as activewear, sleepwear and shapewear. The company claims to have an offline presence with over 30 retail stores and over 800 partner stores across India.
As of March 2019, the company has narrowed its losses to Rs 19.5 crore from Rs 32 crore in the previous financial year.