SAIF Partners, a leading private equity firm that provides growth capital to companies in Asia, has launched zovi.com, an apparel brand available exclusively online.
SAIF, along with a group of investors including e-commerce entrepreneur Deep Kalra, has invested US$ 5.5 million in the new company which is said to be India's first exclusively online apparel brand.
Initially, the online brand has stocked premium apparel for men, designed with top-notch components. The company plans to widen its product range and include women's categories by end 2011.
By leveraging the reach of the Internet, the company aims to bring a unique perspective to apparel shopping in India by bringing quality products, a superior shopping experience and customer service to match.
Zovi.com has been established as an entrepreneur-in-residence project (EIR), wherein the venture fund chooses an entrepreneur to implement a pre-conceived idea.
The rising Internet usage in India has driven the country's e-commerce industry to grow at a compounded annual growth rate of around 43 percent. It is estimated that there are nearly 7.4 million people who are purchasing online in the top 15 cities in the country.
Fibre2fashion News Desk - India
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