Richa Kar founded Zivame and transformed lingerie shopping in India through an innovative online-first and omnichannel retail model.
Written by TFN Research Desk | covering startups, technology, venture capital, and business strategy.
Quick Facts
Richa Kar: Born July 17, 1980, in Jamshedpur, Jharkhand. (WikiBio) Alma mater: Birla Institute of Technology and Science (BITS), Pilani; NMIMS Mumbai (management). (Seema) Occupation: Founder of Zivame; former Zivame CEO; now an angel investor. Years active: 2011 to present. Spouse and children: Not publicly disclosed.
Table of Contents
- Introduction
- The Zivame Story
- Business Model
- How Zivame Makes Money
- Funding History
- Revenue and Recent Challenges
- Zivame vs Competitors
- Life After Zivame
- Key Takeaways
- FAQs
Introduction
Richa Kar co-founded Zivame in 2011 with Kapil Karekar to solve a problem India’s retail sector had ignored: women had nowhere comfortable to buy lingerie. Zivame grew into the country’s best-known intimate-wear platform before Reliance Retail acquired majority control in 2020. This profile covers the founding story, the business model, the funding and acquisition history, and where Zivame stands today.
The Zivame Story
Kar studied engineering at BITS Pilani and later earned a management degree from NMIMS, working in retail consulting roles at Spencer’s and SAP before founding Zivame. (Springsout) The idea came from tracking online lingerie sales abroad and noticing no comparable market existed for Indian women, who faced discomfort and judgment shopping in physical stores. (StartupTalky) Kar and Karekar started Zivame on August 25, 2011, with about Rs 30-35 lakh borrowed from friends and family, receiving their first order within hours of launch. (StartupTalky) The company began as a multi-brand aggregator before pivoting to a private-label model in 2016 to improve margins. (Inc42) Kar stepped down as CEO in 2017, remaining on the board. (WikiBio)
Business Model
Zivame runs an omnichannel model combining its website and app with physical retail, over 170 exclusive brand outlets and thousands of trade partner stores. (IREC Asia) Its catalog covers bras, panties, sleepwear, activewear, and shapewear, built around personalized fitting and size inclusivity. Since 2020, Zivame operates as part of Reliance Retail’s fashion portfolio alongside sister intimate-wear brands Clovia and Amante, sharing supply chain and cross-brand distribution.
How Zivame Makes Money
Zivame earns entirely from direct product sales across online and offline channels rather than commissions or subscriptions, with physical stores playing a growing role in a category where fit and try-on matter.
Funding History
| Round | Year | Amount | Lead Investors |
|---|---|---|---|
| Series A | 2012 | $3 million | Kalaari Capital, IDG Ventures |
| Growth round | Dec 2013 | $6 million | Kalaari Capital, IDG Ventures |
| Series C | 2015 | $40 million | Zodius Capital, Khazanah Nasional |
| Acquisition | 2020 | ~$160 million (~Rs 1,200 crore) | Reliance Retail (Reliance Brands) |
(Table sourced from The Week and Tracxn)
Zivame raised roughly $70.8 million across six pre-acquisition rounds before Reliance built its controlling stake, first buying Unilazer Ventures’ 15 percent in mid-2020, then Zodius Capital’s 60 percent and Khazanah’s 25 percent. (Tracxn; The Week)
Revenue and Recent Challenges
Zivame’s revenue rose from Rs 86.6 crore in FY18 to Rs 127.9 crore in FY19, with losses narrowing 44 percent to Rs 19.5 crore that year. (Inc42) By FY25, annual revenue stood at Rs 166 crore, per Tracxn, modest growth given six years under Reliance’s ownership and marketing muscle. (Tracxn) Employee headcount fell 27 percent year-over-year as of August 2025, and longtime CEO Lavanya Pachisia stepped down in October 2025 after over three years leading the brand, a transition that adds near-term uncertainty. (Storyboard18; Tracxn)
Zivame vs Competitors
| Competitor | Founded | Revenue | Positioning |
|---|---|---|---|
| Clovia | 2013 | $53.03 million, FY24 | Also Reliance-owned; private-label, celebrity-driven marketing |
| Enamor | 2001 | Rs 1,220 crore, FY25 | PE-backed (Advent International); premium innerwear, larger retail scale |
(Figures from ApparelResources and Tracxn)
Zivame’s sharpest competitive tension now sits within its own parent’s portfolio: Reliance also owns Clovia, which posted far higher FY24 revenue and continues aggressive celebrity-led marketing, effectively making the two sister brands compete for the same shelf space. Enamor, backed by Advent International since a 2019 buyout, remains the larger independent rival on pure scale.
Life After Zivame
Kar left day-to-day operations in 2017 and has since worked as an angel investor, backing early-stage startups. She continues to be cited publicly as Zivame’s founder, though she holds no executive role in the Reliance-owned company today. (Tracxn)
Key Takeaways
- Richa Kar built Zivame from a Rs 30 lakh bootstrap into India’s best-known online lingerie brand.
- Reliance Retail acquired majority control between 2020 and 2023, absorbing Zivame into a house of intimate-wear brands.
- FY25 revenue of Rs 166 crore shows slow growth despite Reliance’s backing and scale.
- Zivame now competes internally with sister Reliance brand Clovia as much as with external rivals.
- A leadership transition is underway after CEO Lavanya Pachisia’s October 2025 departure.
FAQs
Who founded Zivame?
Richa Kar and Kapil Karekar founded it in August 2011. (StartupTalky)
Who owns Zivame now?
Reliance Retail Ventures Limited, which built majority control between 2020 and 2023 after buying out early VC investors. (Tracxn)
How much did Reliance pay for Zivame?
Reports estimated the full buyout at roughly $160 million, or about Rs 1,200 crore. (The Week)
Is Zivame profitable?
Recent profitability figures are not publicly disclosed; historically, losses narrowed to Rs 19.5 crore in FY19 before Reliance’s takeover.
Who is Zivame’s current CEO?
Lavanya Pachisia led Zivame from 2022 until stepping down in October 2025; a permanent successor had not been publicly confirmed as of this writing. (Storyboard18)
How is Zivame different from Clovia?
Both are Reliance-owned intimate-wear brands, but Clovia leans on celebrity marketing and private-label pricing, while Zivame built its identity on size inclusivity and personalized fitting.
What does Richa Kar do now?
She left Zivame’s operations in 2017 and works as an angel investor.
© The Founder Nation | Written by TFN Research Desk
