UTV’s Ronnie Screwvala invests in lingerie portal Zivame

UTV founder and entrepreneur Ronnie Screwvala is

leading Rs 36 crores, investment into Zivame, a lingerie e-commerce startup which rides on the increasing women traffic in India's internet story. Bangalore-based Zivame, founded by 33-year-old BITS Pilani alumnus Richa Kar two years ago is betting on quadrupling online sales to Rs 1,000 crores in the next 3-5 years. Screwvala's investment company Unilazer Ventures is pumping in most of the cash, while existing investors too are participating in this round.

Zivame, which competes with other multi-brand e-tailers like Myntra and Jabong for online lingerie sales, has now raised $9 million after netting $3 million from IDG and Kalaari Capital in January this year.

India has about 150 million internet users, with women comprising 39 per cent of the traffic but growing faster than men in the domestic digital economy. This is significant as internet's share of Indian GDP estimated at 3.2 per cent is the highest among the emerging countries. India's heavily fragmented lingerie market is estimated at $3 billion, dominated by unbranded players, dogged by a certain lack of shopping experience.

Globally, lingerie giant Victoria Secret garners over 27 per cent of its $5.5 billion from online sales. The leading domestic lingerie brands like Peri Peri and Enamor are taking cue in a rapidly transitioning market. "We started selling online just 12 months ago, but 70 percent of our sales are already through multi-brand e-commerce channels. This amazed us. Good deals, convenience and privacy are among the key reasons driving the growth," said Akshay Mahendran, Managing Director of Daiki Brands, the Mumbai-based owner of Peri Peri and Biara.