Inkfruit and Zovi Merge, Inkfruit Leadership Team to Join Zovi
Fashion and Lifestyle e-store, Zovi.com is merging hands with Inkfruit.com, another popular player in the same space. Inkfruit started as an online t-shirt retailer but has now diversified as a casual wear and accessories e-tailer. On the other hand, Zovi started as a private label offering for men then expanded to women’s fashion and accessories and has recently launched kidswear and home furnishings.
Both these companies are backed by SAIF Partners which is a major reason for the merger as well.
Talking to VCCircle, Manish Chopra, CEO, Zovi.com said, “The rationale behind the merger was to have a stronger foothold in the private label offering. Both Kashyap Dalal and Navneet Rai, co-founders of Inkfruit will join the board at Zovi.”
He also informed that Inkfruit as a separate portal would cease to exist: “Zovi will be the single platform going forward but Inkfruit’s brand and merchandise will be retained.”
SAIF Partners put in $3 million in Inkfruit in January 2011 whereas Bangalore-based Zovi raised$5.5 million from the investor in July 2011. Zovi also raised another round worth $10 million from SAIF and Tiger Global in 2011.
Recently Techcircle.in featured 13 e-com M&As to watch out for in 2013 of which a Zovi-Inkfruit merger was one of the candidates.