Fashion and Lifestyle e-store, Zovi.com is merging hands with Inkfruit.com, another popular player in the same space. Inkfruit started as an online t-shirt retailer but has now diversified as a casual wear and accessories e-tailer. On the other hand, Zovi started as a private label offering for men then expanded to women’s fashion and accessories and has recently launched kidswear and home furnishings.
Both these companies are backed by SAIF Partners which is a major reason for the merger as well.
Talking to VCCircle, Manish Chopra, CEO, Zovi.com said, “The rationale behind the merger was to have a stronger foothold in the privateoffering. Both Kashyap Dalal and Navneet Rai, co-founders of Inkfruit will join the board at Zovi.”
He also informed that Inkfruit as a separate portal would cease to exist: “Zovi will be the single platform going forward but Inkfruit’s brand and merchandise will be retained.”
SAIF Partners put in $3 million in Inkfruit in January 2011 whereas Bangalore-based Zovi raised$5.5 million from the investor in July 2011. Zovi also raised another round worth $10 million from SAIF and Tiger Global in 2011.
Recently Techcircle.in featured 13 e-com M&As to watch out for in 2013 of which a Zovi-Inkfruit merger was one of the candidates.
The Tech Panda takes a look at recent tech launches. Crypto: Gold, Forex and Commodities…
The small business sector of India is in the middle of a huge digital shift,…
While many markets globally are seeing a slump in growth and employment, India’s economy had…
The Tech Panda takes a look at recently launched gadgets & apps in the market.…
India is entering a defining phase in its mobility evolution as the movement toward electric…
As fintech matures from disruption to infrastructure, the question is no longer just about speed…
View Comments
Zovi service and product quality is good, purchased quiet a few T-shirts from them.