Gaja Capital, L Catterton eye 40% stake in Zivame, Retail News, ET Retail

Davida Erdahl

MUMBAI: Household-grown private fairness fund Gaja Money and world wide fund L Catterton are in individual discussions to acquire about 40% stake in major women’s lingerie retailer Zivame. In this proposed secondary transaction, the 40% stake held by current investors — Ronnie Screwvala-promoted Unilazer Ventures and Malaysian sovereign fund Khazanah […]

MUMBAI: Household-grown private fairness fund Gaja Money and world wide fund L Catterton are in individual discussions to acquire about 40% stake in major women’s lingerie retailer Zivame.

In this proposed secondary transaction, the 40% stake held by current investors — Ronnie Screwvala-promoted Unilazer Ventures and Malaysian sovereign fund Khazanah Nasional Bhd — will be obtained by the new investor in a offer valuing the manufacturer at $one hundred million (about Rs 700 crore), according to two persons conscious of the improvement. On the other hand, the discussions with Gaja Money are in an state-of-the-art phase, he extra.

Currently, technological know-how-targeted expense organization Zodius Money is the greatest shareholder in Zivame with about 60% stake. Zivame is the 2nd greatest selling gals lingerie manufacturer in India soon after Jockey. In India’s $3 billion gals lingerie marketplace, about 40% product sales appear from organised gamers. The marketplace is predicted to access $six billion by 2025.

Women’s lingerie retailer Zivame has started preliminary discussions with private fairness resources to increase about $50 million (Rs 350 crore), ET initial reported in September.

In 2015, Zivame experienced elevated $40 million (Rs 250 crore) in its Collection C funding round from Zodius Engineering Fund and Khazanah Nasional Bhd. Zodius experienced greater its stake by getting out early enterprise funds investors, Kalaari Money and IDG Ventures India, in 2018. Both Kalaari and IDG Ventures experienced invested in Zivame in early 2012.

Gaja Capital, L Catterton eye 40% stake in Zivame
Zivame, which is operate by Bengaluru primarily based Actoserba Active Wholesale, was established by Richa Kar in 2011. After starting out as an aggregator, Zivame experienced moved into a private label business in 2016. Zivame owns popular private label brands Penny, Coucou and a lot more than ninety% of its revenue arrives from its in-property products and solutions.

Zivame, the most funded player in women’s lingerie section, competes with Jockey, Enamor, Clovia, Amante, Very Techniques, Cilory and Shyaway. The company posted a revenue of Rs a hundred and forty crore in FY19 and it expects a internet revenue of Rs 230 crore in FY20.

Shilpa Kulkarni, MD and co-founder of Zodius Money, spokespersons with Zivame and Gaja Money declined to comment. Mails sent to Unilazer and Khazanah went unanswered, whilst L Catterton spokesperson declined to comment.

Rival manufacturer Clovia, operate by Delhi primarily based Purple Panda Fashions, experienced elevated $10 million (Rs seventy one crore) in a Collection B round led by AT Money, previous 12 months. PrettySecrets.com, the Mumbai-primarily based on the net lingerie platform, is also backed by RB Investments Pte and Orios Enterprise Companions.

Founded in 2004, Gaja Money manages property of about $five hundred million throughout a few resources and invested in Jiggs Kalra-owned Huge Dining places, RBL Lender, broking network Bonanza, TeamLease, Bakers Circle, Carnation, Kinara NBFC, Suryoday and Avendus. L Catterton (previously L Money) is one of the key investors in the US lingerie manufacturer ThirdLove.

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