Zovi, the Online Fashion Retailer Acquired Rival Inkfruit
Zovi, the Bangalore-based online fashion retailer acquired its rival company Inkfruit in the last week of January 2013.
Zovi, the Bangalore-based online fashion retailer acquired its rival company Inkfruit in the last week of January 2013. Inkfruit is struggling as of now to raise its fresh funds. SAIF Partners and Tiger Global, the global investors triggered latest e-commerce M&A. These two investors pumped in 10 million US dollar in Zovi after merger. After the third round of investment, the overall funding which was raised by Zovi came to 25 million US dollar.
Inkfruit is the community-based customized fashion and accessories retailer. Zovi, after acquisition will offer products to a wider age group ranging from 16 years to 45 years.
There has been an increased interest in the Indian e-commerce since 2012. In 2012, there was three times increase in the e-commerce M&A deals because small players did not attract enough funds and were therefore acquired at the discounted rates.