SAIF Partners as well as Angel investors have invested $5.5 million in ZOVI.com. It also plans to launch premium line of clothing for men with special designer attributes and by the end of 2011, women’s clothing will also be catered to.
ZOVI will be reaching out to its customer base by using the power of the web. ZOVI also aims to ensure a top notch quality while giving shopaholics another web enriched experience.
ZOVI is essentially an EIR or entrepreneur-in-residence project with SAIF Partners in the loop. Here the venture fund selects an entrepreneur to bring into action an idea that has been already thought of. This shows how India is moving a ahead in the ecommerce vertical and the rise of Internet is almost around 43 percent with 7.4 million people shopping online.
ASSOCHAM made a survey in this regard and interviewed around 5000 shoppers between the age group of 16 to 35. This was done across Delhi, Mumbai, Chennai, Kolkata, Bangalore, Chandigarh, Ahmadabad, Ludhiana, Jaipur and Lucknow in form of a quiz on shopping habits. It was predicted that the rise will be from Rs.2000 crore to 7000 crore with a steady growth of 35%. ASSOCHAM also estimated that online retail touch 700 crore in 2015 with easy availability and penetration of internet in India.
This is not the first time, SAIF Partners have taken part in funding, In the past InkFruit raised funding of $3million from SAIF partners where it was also said that investors should take a caution step while investing into an online portal. Many apparel online portal such as Globus, NaaptolClub, Fetise.com, FashionAndYou, etc. have originated in recent times.