Indian lingerie retailer Zivame has raised about US$8.6 million to fund expansion.
The funds were raised through Allana Investment and Trading Company, in a round led by existing investor Zodius Technology and individual investors.
The new capital will be used for store expansion, technology augmentation, product development and omnichannel strategy. Zivame now has more than 30 offline retail stores, and aims to expand to more than 60 in the next year.
“The funding will enable us to further enhance our footprint and leadership in existing and newer markets as we continue to build on our mission to be the destination for women for all her intimate needs,” said Amisha Jain, Zivame CEO.
“We continue to build the category as the Indian lingerie market is largely unorganised and under-served.”
The company plans to a larger fundraising round in coming months.
Founded in 2011 as a marketplace for lingerie brands, Zivame has expanded into fashion apparel, activewear, sleepwear, and shapewear as well as developed its private labels including Penny and Coucou.