Richa Kar, a new-age entrepreneur who changed the way Indian perceived lingerie shopping online, is now all set to take a break from the company's business operations.
She has relinquished control of the day-to-day operations, which will now be taken over by CEO Shaleen Sinha.
“Richa Kar, however, continues to be the CEO of Zivame. She works closely with the board on strategic projects for the company. She has moved away from the day-to-day business operations,” the report quoted a spokesperson from Zivame as saying.
Sinha was appointed as COO in 2015 and prior to joining Zivame, he was a senior executive at the Aditya Birla Group, where he led consumer franchises within ABG which span Idea, More, Madura and Pantaloons. The company is presumably in safe hands, and hopefully the customer satisfaction will be maintained. Zivame has carved a niche for itself among the urban women who strive to balance work and home lifestyles together.
For a long time Richa has been the face of the brand, and is known to take risks and deliver on promises. But the recent change of positions is being touted as an investor-led restructuring. An email query on the same went unanswered by the company.
“Richa Kar continues to be the CEO of Zivame. She works closely with the board on strategic projects for the company. She has moved away from the day-to-day business operations,” the report quoted a spokesperson from Zivame as saying.
In September 2015, Zivame raised Rs 250 crore (around $40 million) in a Series C round of funding from Zodius Technology Fund and Malaysian sovereign wealth fund Khazanah. Its existing investors Unilazer, IDG Ventures and Kalaari Capital also participated in the round.
The startup had previously raised around $9 million in two rounds of funding from IDG Ventures, Kalaari Capital and Unilazer Ventures.
Zivame, run by Actoserba Active Wholesale Pvt Ltd, was founded by Kar in August 2011.
BW Reporters
Soumya is a young writer and journalist, with bachelors in Multimedia and Mass Communication. She is an alumini of the Asian College of Journalism, and finds politics and sustainability intriguing beats to work with.
