Reliance Industries (RIL), in an exchanged filing, confirmed that it has acquired minority stake in Actoserba Active Wholesale, which owns and operates online lingerie store Zivame. The transaction was concluded in the first half year ended September 30, 2020.
Disclosing a list of related party transactions on the BSE, Mukesh Ambani-led oil-to-telecom behemoth 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), an associate company is one in which another company owns stake in excess of 15 per cent.
In July, it was reported that Reliance Brands, a subsidiary of Reliance Industries (RIL), had acquired the stake of Ronnie Screwvala-owned Unilazer Ventures in Zivame. According to Scewvala, his company had sold its entire 15 per cent stake in Zivame to Reliance Brands.
Established in 2011, Bangaluru-based Actoserba Active Wholesale, also popularly known as Zivame, is an unlisted private company which operates an online lingerie store for women. 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 as compared to Rs 32 crore in the previous financial year, while it posted revenue of Rs 140 crore.
By Chitranjan Kumar
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