Meet Richa Kar: How she built Rs 1600 Crore lingerie empire now owned by Mukesh Ambani
Zivame, the largest online lingerie brand in India, is often dubbed the 'Desi Victoria¡¯s Secret' by its loyal customers. The brand has significantly impacted the market, providing women with a variety of lingerie options. However, not everyone knows the inspiring journey of the woman behind this successful brand, Richa Kar.
Richa Kar, the visionary founder of Zivame, started the brand in 2011. Currently, she serves on the company's board of directors. Her journey to establish a leading lingerie brand wasn't easy. Let¡¯s explore Richa Kar's inspiring journey and the birth of Zivame.
Richa Kar: Early Life and Education
Richa Kar was born on July 17, 1980, in Jamshedpur, India, into a traditional family. Her father worked at Tata Steel, and her mother was a homemaker. She pursued her post-graduate diploma from SVKM¡¯s Narsee Monjee Institute of Management Studies (NMIMS) in 2007. After a few years in the IT field, she earned a master¡¯s degree from NMIMS. Richa Kar, who had gained valuable skills while working for companies like Spencers and SAP retail consultancy, was prepared for her entrepreneurial journey.
Inspiration from Victoria¡¯s Secret
While working at SAP retail consultancy, Richa Kar tracked Victoria¡¯s Secret's online sales. This experience made her realise the challenges women faced in buying lingerie in India. With eight years of experience and insights from her project, Richa was motivated to start her own lingerie brand.
Facing Parental Opposition
When Richa Kar shared her startup idea with her parents, her father was hesitant, and her mother outright disapproved. Her mother was embarrassed by the thought of her daughter selling lingerie. Despite multiple attempts, Richa couldn¡¯t convince her mother initially.
Launching Zivame: Overcoming Challenges
Determined to launch her company, Richa Kar started arranging funds from friends. Miraculously, her mother eventually supported her, even contributing some of her savings and convincing relatives to do the same. With Rs. 35 lakhs, Richa launched Zivame in 2011. The name 'Zivame' means ¡®radiant me¡¯.
Zivame once caught the eye of Ratan Tata
Zivame began as a small innerwear company and gradually became India¡¯s biggest lingerie brand. According to DNA India, in a 2020 fundraising round, Zivame was valued at $200 million, which is more than Rs 1670 crore. Not long after Zivame started growing, it attracted the attention of Ratan Tata, the former chairman of Tata Sons and a major businessman in India. Tata was one of the early investors in the lingerie brand in 2015, helping it reach a multi-million dollar level.
Early Struggles and Success
Finding office space was a challenge due to the taboo around lingerie. Landlords refused to rent to her, but Richa¡¯s determination never wavered. She finally secured a space after numerous attempts, boosting her confidence. The first major breakthrough came when a customer from Indore made a significant purchase from Zivame¡¯s website.
In May 2012, Richa received her first major funding of $3 million, followed by $40 million in 2015, transforming the brand. By 2016, Richa Kar decided to open physical stores across India, expanding Zivame's reach to tier 2 and tier 3 cities.
Personal Life and Net Worth
Richa Kar is married to Kedar Gavane, the Vice President of comScore. The couple prefers to keep their life private. As of now, Richa Kar has an estimated net worth of Rs. 749 crores. Although she stepped down as CEO in 2017, she remains on Zivame¡¯s board of directors. In 2020, Mukesh Ambani acquired Zivame through Reliance Retail, but Richa Kar retained her equity in the company.
