Reliance Industries, in an exchanged filing, has acquired minority stake in Actoserba Active Wholesale, which owns and operates online lingerie store Zivame.
Disclosing a list of related party transactions on the BSE, Reliance has mentioned Actoserba Active Wholesale as an associate company. RIL has listed as many as 38 firms as associate company. According to markets regulator Securities and Exchange Board of India (SEBI).
Reliance brands in july reported that they have acquired the stake of Ronnie Screwvala-owned Unilazer Ventures in Zivame. According to Screwvala, his company had sold its entire 15 per cent stake in Zivame to Reliance Brands.
Actoserba Active Wholesale also known as Zivame was founded by former SAP executive Richa Kar and it is an unlisted private company which operates an online lingerie store for women. The company was established in the year 2011 in Bangalore. The startup has also ventured into other segments such as activewear, sleepwear and shapewear. According to Zivame’s website, it has 30-plus retail stores and a presence in more than 800 partner stores across the country.
As of March 2019, The company reported net loss of Rs 19.5 crore and Rs 32 crore in the previous financial year, while it disclosed a revenue of Rs 140 crore.
Company last raised funds in a $2.7 million round from returning investors Zodius Capital and Avendus Capital in September 2019. It has raised over $87 million in a mix of debt and equity funding across multiple rounds so far, as per VCCEdge data.
An associate company is one in which another company owns stake in excess of 15 per cent.
