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Excl: Myntra co-founder's ethnic wear e-com venture IndusDiva raises another round of angel funding

VCCircle_indusdivaBangalore-based Zing Ecommerce Pvt Ltd, which owns and operates IndusDiva.com, an e-commerce portal for Indian ethnic wear for women and kids, has raised another round of angel funding, sources told VCCircle. Zing Ecommerce also owns VioletBag.com, an ecommerce portal for cosmetics, fragrances, skin care, hair care and beauty accessories.

The new round of funding was in two tranches from Rajkumar Elango, an existing investor in the firm. The firm previously raised funding from Elango among other individual investors last year. For details click here.

Elango recently also invested in his existing portfolio firm Wifinity, a Bangalore-based cleantech startup. Besides, he has invested in Fetise.com, Equidebt Corporate Advisors Pvt Ltd, Arohana Dairy and Greytip Software.

"I will not comment on the amount of funding received nor the names of investors. The money we raised was primarily used for growth and team building at IndusDiva, which is our main focus," Zing co-founder Vineet Saxena said.

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Saxena is a co-founder and former VP (products) at e-commerce portal Myntra.com; he quit Myntra.com in 2011 and co-founded IndusDiva, along with Ramakant Sharma, Jyoti Amba and Rahul Agrawal.

Both Saxena and Sharma are IIT Kanpur alumni. Sharma was previously VP (engineering) at Myntra. Agrawal, an IIM Bangalore graduate, was AVP at Myntra, prior to joining IndusDiva. Agarwal exited IndusDuva recently. Amba earlier worked at Dastkhat Crafts.

Set up in 2012, IndusDiva offers Indian ethnic wear collection, including sarees, kurtis and tunics, jewellery, and kids' ethnic wear. One can also place orders for custom-stitched apparel.

Saxena declined to respond to a question on VioletBag, which is another e-com venture by the same firm. VioletBag is into e-tailing of bags and beauty care products.

(Edited by Joby Puthuparampil Johnson)

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