Private equity player SAIF Partners has invested $5.5 Million USD in the online apparel store Zovi.com. Angel investor Deep Kalra (founder of MakeMyTrip.com) has also made some investment and joined the Company board.
Zovi.com is an online apparel brand that brings premium apparel designed with top-notch components to customers across men’s and women’s categories. The company has been founded by Satish Mani. Satish has previously worked with Cleartrip as Senior VP of Technology. Kavindra Mishra and Sartaj Mehta of Benetton India are also part of the company’s senior management.
The company will use these funds to build inventory and improve supply chain. Part of the investment will also be used for marketing and brand building exercise.
The idea for Zovi came to SAIF Partners from one of the successful investments in China in Vancl.com an online apparel brand. SAIF Partners has been very bullish on Indian E-commerce sector, already having tasted success in MakeMyTrip and JustDial.