E-commerce firms and leading online fashion private label brands in India, Zovi and Inkfruit, have recently announced the closing of a merger between them for further growth.
E-commerce firms and leading online fashion private label brands in India, Zovi and Inkfruit, have recently announced the closing of a merger between them for further growth.
In addition to this, Zovi has also announced their 3rd big round of funding wherein it raised $10 million from two of its lead investors, SAIF Partners and Tiger Global. The investment adds up to the total funding raised by Zovi to $25 million.
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, Zovi stated in a release.
“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. The combined team will continue to power ahead towards this vision. We welcome the Inkfruit team onboard,” said Manish Chopra, CEO, Zovi.
Speaking on the opportunity, Kashyap Dalal, CEO, Inkfruit, said, “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.”
Zovi.com will use the funds for its growth initiatives, marketing campaigns and launching new categories. The funds and the merger will facilitate accelerating its growth in existing categories and expanding logistics to build its self-delivery network to cover more than 75 per cent of total shipments.
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