The leading players in the e-commerce space, Zovi and Inkfruit today announced the closing of a merger between them. This merger will bring together Indiaâ€™s 2 leading online fashion private label brands.
Online PR News – 08-February-2013 – Bangalore – Bangalore, 1st February 2013:Two of the leading players in the e-commerce space, Zovi and Inkfruit today announced the closing of a merger between them. This merger will bring together Indiaâ€™s 2 leading online fashion private label brands. In addition to this, Zovi today also announced their 3rd big round of funding wherein it raised $10m from two of its lead investors, SAIF Partners and Tiger Global. This round brings the total funding raised in Zovi to $25m and is strong evidence of the investorâ€™s belief in the market opportunity and the Zovi team.
A recent report by Google estimates that on 2013, apparel and accessories will become the largest consumer interest category for Indian online shoppers. This merger between Zovi and Inkfruit has been driven by a great opportunity that the rapidly emerging ecommerce market in India presents.
Manish Chopra, CEO, Zovi,said, â€śThis merger creates the countryâ€™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. Our vision continues to be very clear â€“ Simplifying fashion, online! Zovi was born with a core proposition to locally design and manufacture high-quality lifestyle apparel and accessory products and to offer them online at extremely reasonable prices. The combined team will continue to power ahead towards this vision. We welcome the Inkfruit team onboardâ€ť.
Kashyap Dalal, CEO, Inkfruit, said, â€śWe are excited by the opportunity to integrate the businessesand 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.â€ť
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.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% of total shipments.
Headquartered in Bangalore with the product division based out of Gurgaon, New Delhi, ZOVI is a new men and womenâ€™s fashion & lifestyle brand available exclusively online. ZOVI believes in quality products, a superior shopping experience and excellent customer service. By removing the inefficiencies that exist in an offline retail environment and by leveraging the reach of the Internet, ZOVI aims to bring more value and convenience to shopping in India.
ZOVI.com was launched in July 2011 with a menâ€™s fashion line and has since grown to include a womenâ€™s line, home furnishing, kidswear and an increasing number of fashion products such as: shoes, socks, bags, belts, ties and jewellery. From formal to casual wear, sportswear to accessories, ZOVI.com offers a wide variety of products for the value conscious consumer. For further information log on to http://zovi.com/
Inkfruit is Indiaâ€™s first and largest co-creation based online lifestyle brand operating across the categories of Apparel, Accessories, Footwear and Home DĂ©cor.http://www.inkfruit.com/
Started in 2008 by two batch-mates from IIT Bombay, Kashyap Dalal and Navneet Rai, Inkfruit began as a crowd sourcing platform where artists from all over the world could contribute their creations and only the best would be curated by Inkfruit to feature on its product range. As a brand and company, Inkfruit is driven by the words â€śbe interestingâ€ť. This is most visible in the kind of products created, and is at the heart of Inkfruit as a brand.