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SAIF Partners and angel investors pump $5.5 million in Zovi.com

Private equity firm SAIF Partners and a clutch of angel investors including MakeMyTrip founder Deep Kalra have invested $5.5 million in Zovi.com, an exclusive online clothing brand in India. Kalra has also joined the board of
the company and Zovi will use these funds to expand its supply chain, inventory
and product range.

Private equity firm SAIF Partners and a clutch of angel investors including MakeMyTrip founder Deep Kalra have invested $5.5 million in Zovi.com, an exclusive online clothing brand in India. Kalra has also joined the board of
the company and Zovi will use these funds to expand its supply chain, inventory
and product range.

Set up as an entrepreneur-in-residence project (EIR) where
the venture fund picks an entrepreneur to execute a pre-conceived idea,
Zovi.com will hawk a range of men’s apparel designed in-house by a team led by
Sartaj Mehta former design head of Benetton India.

Chosen to be the EIR for the new firm, Satish Mani former
chief technology officer at online travel portal Cleartrip.com will drive
operations at the company that aims to broaden its product range to include
women’s apparel by end 2011. The start-up has also hired another former Benetton
executive Kavindra Mishra.

“There is a unique combination of fashion
and technology within the core team”, says Ravi Adusumalli, managing
partner SAIF Partners for whom this is the second EIR project in India. SAIF
Partners has emerged as one of the most successful investors in the Indian
e-commerce industry with combined early stage investments of over $ 50 million
across companies such as MakeMyTrip, JustDial and One97 Communications. The
combined return on investment from these deals could exceed $ 700 million
according to Adusumalli.

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