Bangalore-based online fashion retailer Zovi has acquired Mumbai-based rival firm Inkfruit. Tiger Global and SAlF have pumped $10 million into Zovi post the merger.
The SAIF incubated Zovi is an online private label brand modeled along China's blockbuster online fashion brand VANCL. This third round of investment brings the total funding raised by Zovi to $25 million. Inkfruit is a community-based customized fashion and accessories retailer. The combined entity will have offerings for a wider age group of 16 to 45 year-olds.The company’s co-founders, IIT-Bombay alumni Kashyap Dalal and Navneet Rai, will stay invested in the entity.
From the Venture Intelligence PE Deal database: SAIF and MakeMyTrip founder Deep Kalra had invested $5.5 M in Zovi in Jul-11. In Aug-11, SAIF and Tiger Global had invested $10-M.
In May-08, Inkfruit had raised angel funding from Mahesh Murthy, Anand Lunia, Paula Mariwala - all executives of Seedfund who made the investment in their personal capacity.
Source: Times of India
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