Online lingerie retailer Zivame has become the latest startup to get funded by Tata Sons chairman emeritus Ratan Tata, according to two people familiar with the matter, informed sources said.
Zivame recently closed a Series-C funding round of Rs 250 crore from Zodius Technology Fund and Khazanah Nasional Berhad, the strategic investment fund of the government of Malaysia.
“Tata invested in the company much before it raised the latest round,” one of the sources aware of the deal, said requesting anonymity.
Tata, after stepping down from an active role in the Tata Group, has become an influential investor in startups. He has put his money into several internet companies and startups including women’s clothing brand Kaaryah. Tata also serves as an adviser with Kalaari Capital and IDG Ventures, which have both invested in Zivame. He has invested in nearly a dozen of Kalaari’s portfolio companies including Snapdeal, UrbanLadder, Holachef, YourStory and Bluestone.
The estimated market opportunity in the online lingerie segment was valued at 3 billion US dollar last year, of which around 1 per cent was online, according to a report by Indian Retail.
