Radiant Me: How Richa Kar Built Zivame From a Taboo to ₹1,200 Crore

When Richa Kar told landlords in Bangalore she was starting an online lingerie company, they ended conversations mid-sentence. When she told her family, her mother refused to tell friends about it. When she launched the website, people made jokes. But five hours after going live on August 25, 2011, Zivame received its first order—₹7,000 from a man in Indore buying for his wife. Nine years later, Mukesh Ambani's Reliance Retail acquired Zivame for approximately $160 million (₹1,200 crore). This is the story of how one woman broke India's biggest shopping taboo and built the country's largest online lingerie brand.

The Jamshedpur Girl Who Dared to Dream (1980-2002)

Richa Kar was born on July 17, 1980, in Jamshedpur, Jharkhand, into a conventional middle-class family. Her father worked at Tata Steel while her mother was a homemaker. Growing up, she witnessed the traditional expectations placed on Indian women—marriage, family, domesticity. But Richa had different plans.

After completing her schooling in Jharkhand, she took admission to BITS Pilani and completed her engineering graduation from Birla Institute of Technology and Science, Pilani (BITS Pilani) in 2002. Soon after graduation, she joined a company in Bangalore and worked in the IT sector for a few years.

But something was missing. Richa pursued a Master's degree from the renowned Narsee Monjee Institute of Management Studies (NMIMS) in 2007. She worked for Spencers and SAP retail consulting after graduating from NMIMS, gaining valuable retail experience that would prove crucial for her entrepreneurial journey.

The Victoria's Secret Revelation (2007-2010)

Working at SAP Retail Consulting, Richa found herself assigned to an unexpected client: Victoria's Secret. One of her clients at SAP was related to Victoria's Secret. Interactions and the experience of working with that client made Richa realize the harrowing reality of lingerie shopping in India.

She tracked Victoria's Secret's sales and witnessed how American women shopped for intimate wear—openly, confidently, with expert guidance and countless options. The contrast with India was stark. Indian women faced embarrassment shopping in stores with male salesmen who lacked knowledge and sensitivity. Sizing was inconsistent. Quality was questionable. Privacy was non-existent.

Richa saw an untapped market for online lingerie shopping, where women could shop for intimate apparel in the privacy and comfort of their own homes. She spent two full years researching the field, working toward her goal nonstop, refusing to take time off for socializing. Her overachiever streak was about to face its toughest test.

The Family Opposition: When Dreams Meet Tradition (2010-2011)

When Richa revealed her business idea to her parents, she expected resistance—but not rejection. Her family initially opposed the idea. Her mother clearly disapproved of the plan and even refused to tell friends about it. In a society where open conversations about intimate wear were rare, her business was often shamed for addressing what many considered a sensitive topic.

Her father refused to support her financially. The opposition was so strong that despite multiple attempts, Richa was unable to convince her mother to accept the business idea. In interviews, she recalled the emotional blow—the people closest to her doubted not just her idea, but her values.

But Richa made a decision: she would push forward anyway. Eventually, with help from her family (who came around) and friends, Richa managed to raise about ₹35 lakh (some sources say ₹30 lakhs) in seed money from friends and family to finance her endeavor. The very people who once tried to dissuade her were now investing in her dream.

The Landlord Rejection: Finding a Place to Start (2011)

Raising money was only the first hurdle. After launching her lingerie brand, Zivame, Richa Kar was finding some space or a room on rent to set up her office. But whenever she used to reveal that she has an online lingerie company, every landlord used to end the conversation.

The topic of lingerie has always been a big taboo in India, and it was exactly because of this no one was ready to rent a room to Richa. Landlords asked her what she was doing and she had to tell them she sold clothes online—but once they learned the truth, conversations abruptly ended.

It was a tough situation as people started making fun of her. However, she finally found a place after so many tries and started her company in a small office space. Ironically, these rejections validated her business thesis—if finding office space for a lingerie business was this difficult, imagine how uncomfortable women felt shopping for lingerie in person.

Launch Day: August 25, 2011

On August 25, 2011, Zivame.com went live. The name itself was meaningful—Zivame comes from a Hebrew word meaning radiance, translating to "Radiant Me." The main motive was to help women understand their lingerie needs and purchase them without any kind of embarrassment.

Within a single hour of being launched, Richa's new company received its very first order. Richa's first client was a man from Indore who bought materials worth Rs 7,000 for his wife. From that moment, there was no stopping.

The initial offering was impressive: Zivame is an online lingerie store featuring hundreds of styles tailored for the Indian population, offering more than 5,000 styles, 50 brands, and 100 sizes. It wasn't just selling lingerie—it was offering solutions with detailed sizing charts, expert advice, and a variety of styles to cater to every need.

The Early Growth: From 1 to 200 Employees (2011-2014)

Within three years of its launch, Zivame had grown to a 200-member strong team. The company's growth was extraordinary. Zivame at one point had 5 million visitors online every month, out of which nearly 1 million were unique visitors. Zivame's consignments reached all Indian states with the exception of Lakshadweep.

The business model proved viable. Customers could shop in complete privacy, access expert fit advice online, explore far more variety than physical stores offered, and receive products in discreet packaging. Returns were accepted—another revolutionary concept for the category.

Customer response shifted from skepticism to enthusiasm. The detailed product descriptions, size guides, and customer reviews built trust. Word spread among women that there was finally a comfortable way to shop for intimate wear.

The Funding Journey: Investors Take Notice (2012-2015)

As the business grew, the company sought funding and raised $9 million in two rounds from investors such as IDG Ventures, Kalaari Capital, and Unilazer Ventures. The first funding of $3 million came in May 2012, followed by $6 million in December 2013.

In her funding voyage, Richa met Vani Kola, the founder of Indo-US Venture Partners (Kalaari Capital). Vani showed tremendous alacrity towards supporting Richa's initiative, understanding what her business was all about and working fast to close the deal.

The big round came in 2015: $40 million in funding, signaling serious investor confidence. The funding allowed Zivame to scale operations, expand product offerings, invest in technology, and build brand awareness. Alongside, Zivame counts Ratan Tata as an investor—a massive validation for the startup.

By 2015, the company had raised a total of $69 million over seven rounds from 10 investors, including Avendus Capital, Zodius Capital (largest shareholder with ~60% stake), Trifecta Capital Advisors, The Allana Group, Khazanah Nasional (~25% stake), and Chiratae Ventures.

Product Expansion: Beyond Lingerie (2014-2016)

Zivame didn't remain just a lingerie retailer. Along with lingerie, Zivame entered into other segments such as activewear, sleepwear, shapewear, beachwear, and other apparel products and accessories. The company expanded its offerings to include activewear, loungewear, and beauty products, further solidifying its position as a one-stop shop for women's intimate apparel.

In 2016, Richa Kar expanded Zivame's presence by opening physical stores, known as Zivame Studios. It was an impressive move, as it enabled Zivame to attract customers in tier 2 and tier 3 cities in India. The company claims to have an offline presence with over 30 retail stores and over 800 partner stores across India.

This omnichannel approach—combining online convenience with offline touch-and-feel experiences—proved successful in building trust, especially among first-time buyers hesitant about sizing.

Financial Performance: Narrowing Losses (2018-2019)

The path to profitability was challenging. As of March 2019, the company narrowed its losses to Rs 19.5 crore from Rs 32 crore in the previous financial year—a 39% reduction demonstrating improving unit economics.

The company claimed growth of 300% yearly at one point. With more than 5 million followers and more than a million visitors per day, Zivame had become a household name.

The Reliance Retail Acquisition (2020)

In 2020, Zivame caught the attention of Reliance Retail, the retail arm of Mukesh Ambani's conglomerate. In July 2020, Reliance Brands first acquired the 15% stake of Ronnie Screwvala-owned Unilazer Ventures in Zivame. Then Reliance Brands, which sells several premium and luxury labels such as Jimmy Choo, Tiffany, Diesel and Mothercare in India, moved to take full control.

Zivame was acquired by Reliance Retail (through subsidiary Reliance Brands) in September 2020 for approximately $160 million (about ₹1,200 crore). The transaction was concluded in the first half year ended September 30, 2020, with Reliance Industries listing Actoserba Active Wholesale (which owns and operates Zivame) as an associate company.

The acquisition potentially led to exits by other investors like Zodius Capital and Malaysian sovereign fund Khazanah Nasional Berhad. Reliance's acquisition of Zivame marked a significant milestone, validating the business model Richa had fought so hard to establish.

Post-Acquisition: Richa's Exit and Continued Growth (2020-2025)

In 2020, after a successful nine-year run, Richa Kar stepped down as the CEO of Zivame. However, Richa has neither sold nor diluted her equity, which is why she is still one of the company's board of directors. According to multiple reports, Richa Kar has an estimated net worth of Rs. 749 crores.

Leadership transitioned to CEO Amisha Jain, who noted the company was on track to break even by December 2020. Though the Covid-19 pandemic initially dried up revenues, the company registered 60-70% of pre-Covid footfalls in retail stores, with online commerce jumping to 90% vs 80% pre-Covid. Average order values increased significantly.

The last known valuation of Zivame was ₹705 crore as of April 13, 2020. Under Reliance ownership, the brand continues expanding. In 2025, Zivame launched its first franchise store in Madurai and announced pan-India expansion plans. A second franchise store opened in Thrissur, expanding the South India footprint.

Recent leadership updates include Dr. Kiruba Devi's promotion to COO and Head of Organisation in November 2025, and Monish Kaul's appointment as Chief Technology and Product Officer in August 2022.

Current Financials: Challenges Amid Growth (2024-2025)

Annual revenue of Zivame is ₹166 crore as of March 31, 2025. However, recent performance shows challenges. For fiscal year ending March 2024, revenues stood at Rs 193 crore—a 42% fall since the previous fiscal year. Net loss widened by 34% to Rs 39 crore compared to the previous year, with total expenditure at Rs 234 crore.

Despite these challenges, Reliance remains committed. In August 2024, Mukesh Ambani stated at RIL's annual general meeting: "Our investments in brands like Kalanikethan, Zivame, Clovia, Amante, and Urban Ladder have given us a strong foothold in these categories."

The broader market remains promising. Wazir Advisors estimates India's annual innerwear market will swell to Rs 75,466 crore by 2025, up from Rs 61,091 crore in 2023. Women's inner and comfort wear accounts for 60% of that market.

The Legacy: Breaking Barriers, Changing Culture

Richa Kar's journey from a corporate employee to the founder of a billion-dollar business is a testament to her vision, hard work, and determination. She broke societal taboos, changed the way women shop for lingerie, and created a brand that empowers women to embrace their bodies with pride.

Zivame didn't just sell products—it initiated social change. It normalized conversations around intimate wear. It provided privacy and dignity in shopping. It offered education on proper sizing and fit. It empowered women to make informed choices without judgment.

Her success story is a source of inspiration for women-led start-ups in traditionally male-dominated industries. By leveraging technology, digital commerce, and customer insights, she built a brand that remains a leader in India's lingerie segment.

Recognition and Impact

Richa Kar has been featured in Forbes India's Women Entrepreneurs List, recognized by YourStory and Economic Times as one of the top women entrepreneurs in India, and named among India's most influential business leaders for disrupting the lingerie market and breaking social taboos.

The famous entrepreneur is happily married to Kedar Gavane, who is the Vice President of comScore (and co-founder of Zivame alongside Kapil Ravindra Karekar). The couple believes in leading a life away from the flashes and buzz.

The Formula for Success

Identifying Real Pain Points: Recognized genuine discomfort women faced shopping for intimate wear in India.

Two Years of Preparation: Spent extensive time researching before launch, refusing to socialize, completely focused.

Perseverance Against Opposition: Pushed forward despite family disapproval, landlord rejections, and public mockery.

Privacy-First Approach: Online platform offered discretion and comfort impossible in physical stores.

Comprehensive Offering: 5,000+ styles, 50+ brands, 100+ sizes—variety no physical store could match.

Expert Guidance: Detailed size guides, fit advice, and customer service replaced embarrassing in-store experiences.

Strategic Funding: Secured investors who understood the vision and supported long-term growth.

Omnichannel Expansion: Added physical stores to complement online, reaching tier 2 and 3 cities.

Backing from Icons: Ratan Tata's investment provided credibility and validation.

Exit Strategy: Sold to India's largest retailer at significant valuation, rewarding early believers.

The Final Word

From a 2011 startup nobody wanted to rent office space to, to a ₹1,200 crore acquisition by Reliance Retail, Zivame's story proves that addressing taboos with dignity and professionalism can create massive business opportunities.

Richa Kar showed that entrepreneurship isn't just about starting a business—it's about understanding customers, identifying gaps, and creating products or services that address needs others ignore. Her courage to challenge conservative norms, persist despite rejection, and build with unwavering vision transformed an entire category.

Today, millions of Indian women shop for intimate wear without embarrassment, thanks to one woman who refused to accept "no" as an answer. That's not just business success—that's cultural transformation.