India-based online lingerie retailer Zivame has raised a Rs 2.5bn ($37.8m) in a series C round backed by IDG Ventures India, the local venture capital affiliate of media company International Data Group, LiveMint reported yesterday.
The round also featured Khazanah Nasional, which acts as the sovereign wealth fund of Malaysia, and venture capital firms Zodius Capital, which invested through its Zodius Technology Fund, Unilazer Ventures and Kalaari Capital.
Founded in 2011, Zivame operates an online store for labels and own brand items such as underwear, nightwear and sportswear.
The series C funding will support customer acquisition, customer service and an increased product range, while part of the cash will also go towards technology development and a data sciences lab.
Zivame previously closed a $6m series B round in 2013 co-led by Unilazer and angel investor Ronnie Screwvala that also featured IDG Ventures and Kalaari. IDG Ventures and Indo-US Venture Partners previously provided $3m in series A funding in 2012.