Mumbai-based Finger Prints Fashions, which owns online personalized apparel and accessories brand Inkfruit, has merged with Zovi, a Bangalore-based private label ecommerce company incubated by SAIF Partners. Inkfruit, founded in 2007 by IIT Bombay batchmates Kahsyap Dalal and Navneet Rai, had raised a $3 million Series A round from SAIF Partners in January 2011. Following the merger, Dalal and Rai will join the Zovi leadership team.
Inkfruit had earlier raised angel funding from Anand Lunia (founder of India Quotient) and Seedfund’s Paula Mariwala and Mahesh Murthy. All three had invested in the company in their personal capacities and had exited their stakes when SAIF entered the company in 2011. The company claims 150,000 visitors on its site per month, ships 2,000-plus items per day and employs 200 people at its offices in Mumbai and Delhi, according to its website.
In a related development, Robemall Apparels, the company that owns the Zovi brand, has raised a $10 million Series C round of funding from existing investors SAIF and Tiger Global. This takes the total amount raised by Zovi so far to $25 million. It raised a $5 million Series A round from SAIF Partners in early 2011 and followed with a $10 million Series B round from the same investors later in the year.
Mergers and acquisitions in the ecommerce space have been ongoing since last year. In February last year, market leader Flipkart set the ball rolling with the acquisition of rival Letsbuy. In November, Bangalore-based Myntra Design bought Sher Singh and sister site Exclusively. In August, baby care site Hushbabies acquired MangoStreet and in April, Delhi-based SnapDeal snapped up eSportsbuy. A recurrent theme with several of these acquisitions has been the presence of common venture capital investors on board, suggesting that investors are on portfolio valuation rationalization exercise.
Images credit: Zovi and Inkfruit