Zivame Net Worth: $15 Million (Rs 100 Crores)
| Net Worth | $15 Million (Rs 100 Crores) |
Richa Kar was sure about launching Zivame and conducted significant research, during which she discovered that branded innerwear was scarce. Richa Kar saw tremendous potential in the industry and believed that as an e-commerce business, it would be easily accessible to women.
Zivame financial data:
Zivame will set up 60 offline stores in metros and tier I cities over the next 12-18 months, as the online intimate wear retailer looks to further strengthen its omnichannel play in the growing segment.
Actoserba (which runs Zivame), which has narrowed its losses from over Rs 32 crore in FY18 to Rs 19.56 crore in FY19, is also looking at achieving break-even in the next 12 months.
Last one year has been phenomenal as we have strengthened our position across categories and deepened our presence in the markets.
With tech, data and innovation at the heart of everything we do, we are set up for exponential growth over the next few years,” Zivame CEO Amisha Jain told .
Amisha Jain added that the company is poised to hit over 75 per cent growth for the next few years. “We have more than 40 retail stores in tier I markets and we are looking at taking that number to 100 over the next 12-18 months. We will deepen our presence in these markets,” she said.
The company’s revenue from operations grew to Rs 137.9 crore in FY19 from Rs 86.6 crore in the previous year. Its marketing expenses decreased by 18 per cent in FY19 vis-a-vis FY18, while the total expenses increased by 1 per cent.
“Currently, Zivame brand has hit Rs 340 crore annual runrate for FY20. While our offline business is growing at a very strong pace, our online business also continues to do extremely well. The app contribution for Zivame brand gross sales has increased from 50 per cent in FY18 to 65 per cent in FY19… we should be able to break-even in the next 12 months,” Amisha Jain said.
As per documents, sourced from Tofler, the company has recorded a 56.4% increase in its revenues for the financial year 2017-18 at $12.81 Mn (INR 94.26Cr) from $8.19 Mn (INR 60.25 Cr) in the previous year.
Zivame, which had a net worth of $13.59 Mn (INR 100 Cr), has had a year worth boasting. Here’s a quick look at some FY17-18 figures of the company:
- Zivame reported revenue from operations of $11.77 Mn (INR 86.64 Cr) in FY18, a 63.5% increase from $7.2 Mn (INR 52.97 Cr) in the previous year
- The company has made a 6.6% increase in the expenses for benefit of its employees from $2.96 Mn (INR 21.8 Cr) in FY17 to $3.15 Mn (INR 23.25)
- The total expenses were $17.17 Mn (INR 126.36 Cr), a 7.19% increase from $16.01 Mn (INR 117.88Cr) in the previous year
- The company also controlled its losses by 44% as it posted $3.36 Mn (INR 32.11 Cr) Net loss after $7.83 Mn (INR 57.62 Cr) in FY17
Zivame spent 45%-60% of its total expenses on marketing and advertising as well as on its staff expenses. if Zivame can control its cash burn, manage its resources better, and garner some support from its investors, it can arrive at a place where it can perfect its business model and start to win back the ground it has lost to its competitors.
Richa Kar Biography:
Richa started Zivame by raising finances from family and friends, then pitched the company concept to prominent investors such as DG Ventures, Unilazer Ventures, and Kalaari Capital, who later became investors in her e-commerce firm.
Richa Kar Profile:
| Birthname | Richa Kar |
| Nickname | Richa |
| Profession | Businesswoman |
| Famous for/as | Owner of Zivame |
Richa Kar Personal Life:
Richa Kar was born In Jamshedpur, Jharkhand, India on 17 July 1980. Her current residence is in Northville, Michigan, United States and now she was 42 years old. Her zodiac sign is Pisces and follows the Hinduism religion.
| Date of Birth/Birthday | 17 July 1980 |
| Age (as in 2022) | 42 |
| Birthplace | Jamshedpur, Jharkhand, India |
| Nationality | Indian |
| Current Residence | Northville, Michigan, United States |
| Zodiac Sign/Sun Sign | Pisces |
| Religion | Hinduism |
Richa Kar Height, Weight, Physical Stats & More
Richa Kar weighs 55 kg and is 5.7 inches tall, her eye colour is brown and her hair colour is black.
| Height (approx.) | in meters – 1.71m in feet-inches – 5’7″ |
| Weight (approx.) | in Pounds – 121 lbs in Kilograms – 55 Kg |
| Eye Color | Brown |
| Hair Color | Black |
Richa Kar Marital Status:
| Marital Status | Married |
| Husband/Spouse | Kedar Gavane |
Richa Kar Education Qualification:
After graduating, Richa had a secure job and career. She graduated from BITS Pilani with an engineering degree and worked for companies in Bangalore. She later completed her MBA and started working as a retail consultant at Spencer Retail and SAP where she learned a lot about the retail sector.
| Educational Qualification | Post-Graduation |
| School | Not Known |
| College/University | SVKM’s Narsee Monjee Institute of Management Studies Birla Institute of Technology and Science, Pilani (Bits Pilani) |
Richa Kar Favourite Things:
| Favourite Singers | Hariharan |
| Favourite Colors | Yellow |
| Favourite Foods | Biryani |
| Favourite Director | A.R Rahaman |
| Favourite Writer | John Grisham |
| Favourite Actress | Shri Devi, Rekha |
| Hobbies | Reading, Dancing, Music |
Richa Kar & Idea To Start-up Zivame:
While I was working at SAP, the concept for Zivame came to me; she supervised online sales for Victoria’s Secret, the largest women’s retailer in the United States. Recognized that sales had exceeded expectations, but there was no such market for Indian women.
Richa Kar chose to establish her own business after working in retail for 8 years and gaining a thorough understanding of the industry. These startups attempt to address problems in front of the general public or to improve on existing solutions/mechanisms.
Richa Kar’s firm was inspired by a frequent problem: women had to disgrace themselves and endure unwanted attention for something as simple as shopping for underwear.
The idea for Zivame occurred to me while I was working at SAP; she oversaw online sales for Victoria’s Secret, the largest women’s retailer in the United States. Recognized that sales had exceeded estimates, but no comparable market existed for Indian women.
Richa Kar decided to start her own firm after 8 years of working in retail and getting a deep understanding of the sector. These startups try to address public problems or to improve on existing solutions/mechanisms. Richa Kar’s company was prompted by a common issue: women had to embarrass themselves and face unwelcome attention for something as basic as shopping for underwear.
When Richa Kar discussed with her mother the idea of selling lingerie online, her mother’s reaction was unsupportive. Her mother was worried about how she would tell her friends that her daughter was selling panties online. He received no support from her either. Father did not understand the concept of his business.
Richa started Zivame, which means “Radiant Me” in Hebrew, after visiting various malls and shops to learn more about the lingerie business. She founded the company in 2011 with all of her money and Rs. 35 lakhs borrowed from friends.
Richa says women are hesitant to buy lingerie offline because the majority of merchants in such stores are male. In addition, ladies should not anticipate fitting and style advice from such stores.
Richa Kar did not give up hope in the face of such criticism. After some time, Zivame received favourable feedback from its customers. Richa had her first client from Indore, who wanted to buy goods from her for Rs. 7000. Zivame has experienced 300 per cent yearly growth.
Richa Kar’s dedication and hard work impressed investors, and she received her first $3 million loans in May 2012. Then, in December 2013, an additional $6 million was raised, followed by an additional $40 million in 2015. Her company is currently valued at over Rs. 681 crores.
Richa Kar Lesser Known Facts:
She is a frequent Twitter user and one of India’s most powerful women. Richa put her entire social life on wait for two years to give her company a boost! Within 5 hours of its opening, Zivame received its first order.
Vani Kola, an Indian venture capitalist, is her mentor and has helped her comprehend the extent and potential of the lingerie sector.
The company’s co-founder was the one who spent 30 lakh rupees in the enterprise. Richa Kar took only one day off for her wedding and returned to work the next day.
Richa Kar Social Media Accounts & Channels
- Instagram: Check Now