Top News

Zovi, InkFruit merges; raises $10m funding from its investors

SAIF Partners backed e-commerce players, Zovi and
InkFruit announced the closing of a merger between them. As per the pact,
InkFruit.com will cease to exist but its products and merchandise will be reatined on Zovi.com
while on the management front, both Kashyap Dalal and Navneet Rai, co-founders
of InkFruit, will join the board at Zovi.

SAIF Partners backed e-commerce players, Zovi and
InkFruit announced the closing of a merger between them. As per the pact,
InkFruit.com will cease to exist but its products and merchandise will be reatined on Zovi.com
while on the management front, both Kashyap Dalal and Navneet Rai, co-founders
of InkFruit, will join the board at Zovi.

In addition to this, Zovi has raised their third
round of funding wherein it raised $10m from two of its lead investors, SAIF
Partners and Tiger Global. With this, the total funding raised becomes $25m.

A recent report by Google estimates that on 2013,
apparel and accessories will become the largest consumer interest category for
Indian online shoppers. This merger between Zovi and Inkfruit has been driven
by a great opportunity that the rapidly emerging ecommerce market in India
presents.

Manish Chopra, CEO, Zovi said, “We look forward to
blending together with the InkFruit team and leveraging their unique design and
creative capabilities. Zovi was born with a core proposition to locally design
and manufacture high-quality lifestyle apparel and accessory products and to
offer them online at extremely reasonable prices. The combined team will
continue to power ahead towards this vision. We welcome the Inkfruit team
onboard”.

Kashyap Dalal, CEO, InkFruit, said, “We are excited
by the opportunity to integrate the businessesand leverage complementary team
strengths, product lines and customer bases to scale rapidly. We look forward to
working as one team and build one of the largest e-commerce businesses over the
next few years.”

The combined entity will operate out of two centres,
Bangalore and Gurgaon with a satellite office in Mumbai to support the regional
sourcing and logistics functions.

Zovi.com will use the funds for its growth
initiatives, marketing campaigns and launching new categories. The funds and
the merger will facilitate accelerating its growth in existing categories and
expanding logistics to build its self- delivery network to cover more than 75%
of total shipments.

Headquartered in Bangalore, Zovi was launched in
July 2011 while InkFruit started operations in 2008 as a crowd sourcing
platform where artists from all over the world could contribute their creations
and only the best would be curated by Inkfruit to feature on its product range.

 

Show More

Related Articles

5 thoughts on “Zovi, InkFruit merges; raises $10m funding from its investors”

  1. A sensible move by both of
    A sensible move by both of them specially by Inkfruit, since Inkfruit can leverage the success of Zovi in recent times. They have been agressive on almost all the platforms, be that media buying, social media and specially performance marketing.
    Zovi and Inkfruit are amongst the top one’s when it comes to specialized and personalized merchandises. So together they can take a good share in the market which is currently dominated by legendary brands.
    Also merging with alikes makes a better sense, personally I din’t see much value in merger of Sher Singh and Myntra, where sher singh is outght to lose its identity in Mntra’s shadows.

    Good move and hoping for good results 🙂 All the best

Leave a Reply

Your email address will not be published. Required fields are marked *

Close