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

MUMBAI: Household-developed non-public fairness fund Gaja Cash and worldwide fund L Catterton are in independent conversations to receive about forty% stake in main women’s lingerie retailer Zivame.

In this proposed secondary transaction, the forty% stake held by existing traders — Ronnie Screwvala-promoted Unilazer Ventures and Malaysian sovereign fund Khazanah Nasional Bhd — will be obtained by the new investor in a offer valuing the brand at $one hundred million (about Rs seven-hundred crore), in accordance to two people today informed of the improvement. Having said that, the conversations with Gaja Cash are in an advanced stage, he included.

At the moment, engineering-focused expense organization Zodius Cash is the premier shareholder in Zivame with about 60% stake. Zivame is the next premier marketing women of all ages lingerie brand in India after Jockey. In India’s $three billion women of all ages lingerie sector, about forty% revenue arrive from organised players. The sector is expected to access $six billion by 2025.

Women’s lingerie retailer Zivame has begun original conversations with non-public fairness money to increase about $fifty million (Rs 350 crore), ET very first noted in September.

In 2015, Zivame experienced lifted $forty million (Rs 250 crore) in its Series C funding spherical from Zodius Engineering Fund and Khazanah Nasional Bhd. Zodius experienced amplified its stake by purchasing out early venture funds traders, Kalaari Cash and IDG Ventures India, in 2018. The two 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 centered Actoserba Active Wholesale, was started by Richa Kar in 2011. Immediately after beginning out as an aggregator, Zivame experienced moved into a non-public label business in 2016. Zivame owns well-known non-public label manufacturers Penny, Coucou and a lot more than 90% of its revenue comes from its in-property merchandise.

Zivame, the most funded player in women’s lingerie phase, competes with Jockey, Enamor, Clovia, Amante, Fairly Secrets, Cilory and Shyaway. The firm posted a revenue of Rs one hundred forty crore in FY19 and it expects a web revenue of Rs 230 crore in FY20.

Shilpa Kulkarni, MD and co-founder of Zodius Cash, spokespersons with Zivame and Gaja Cash declined to remark. Mails despatched to Unilazer and Khazanah went unanswered, though L Catterton spokesperson declined to remark.

Rival brand Clovia, operate by Delhi centered Purple Panda Fashions, experienced lifted $ten million (Rs seventy one crore) in a Series B spherical led by AT Cash, past yr., the Mumbai-centered on the net lingerie platform, is also backed by RB Investments Pte and Orios Undertaking Partners.

Started in 2004, Gaja Cash manages belongings of about $five hundred million throughout three money and invested in Jiggs Kalra-owned Significant Dining places, RBL Lender, broking community Bonanza, TeamLease, Bakers Circle, Carnation, Kinara NBFC, Suryoday and Avendus. L Catterton (previously L Cash) is just one of the big traders in the US lingerie brand ThirdLove.