Even today, most women in our country shy away from buying lingerie from shops. So imagine what would have happened 13 years ago when a woman decided to start a lingerie business? Her mother was worried about how she would answer society if anyone asked her what her daughter did for a living. But, despite the setbacks, this woman did not give up and founded Zivame, forever reshaping the lingerie shopping experience in India, and challenging the societal norms.
We are talking about none other than Richa Kar, who was born in July 1980 in Jamshedpur. Richa Kar started her business right after she completed her post-graduation diploma from SVKM’s Narsee Monjee Institute of Management Studies (NMIMS) in 2007. Richa Kar was born in a middle-class family. She saw an opportunity in the lingerie business when she saw that women felt very shy while buying their undergarments. Richa Kar's mother was against the idea of her daughter starting a lingerie business but when she saw how passionate her daughter was to bridge the gap, she gave in.
Before NMIMS, Richa Kar worked at Spencers and SAP retail consultancy but after completing her diploma, she embarked on a journey that went on to redefine lingerie retail.
Richa Kar’s mother initially invested her savings in the business and also convinced other family relatives to do the same. With help from them all, Richa Kar managed to borrow Rs 35 lakhs and launched her lingerie brand.
Zivame, meaning 'radiant me' in Hebrew, was launched by Richa Kar in 2011. Despite the launch, Richa Kar's troubles were far from over. After launching her brand, when Richa Kar was looking for an office space, she was outright refused as the topic of lingerie has always been a big taboo in India.
But, these difficulties only fanned Richa Kar's determination. The first breakthrough came when a customer from Indore purchased items worth Rs 7000 from Zivame’s official website.
In 2012, one year after starting Zivame, Richa Kar received her first major funding of USD 3 million followed by a funding of USD 40 million in 2015. These facets changed the fortunes of the company for the better.
Zivame is currently India's largest online lingerie brand with an impressive collection of 5,000 designs, 50 brands, and 100 sizes. In 2016, Richa Kar also launched Zivame Studios, offering a seamless omni-channel experience to customers and extending Zivame's presence to tier 2 and tier 3 cities across India.
In 2017, Richa Kar resigned as the CEO of Zivame. However, she continues to be a member of the board. In 2020, the company was acquired by Mukesh Ambani's Reliance Retail for $160 million but Richa Kar continues to play a crucial role in the business that she has built from the ground up.
Richa Kar's net worth, as reported by the Economic Times, is estimated to be Rs 749 crore.
Richa Kar, now 43 years old, resides in Northville, Michigan, with her husband Kedar Gavane, who is the Vice President of comScore.
Richa Kar’s journey from borrowing money from her mother, her first significant sale of Rs 7000, to building a net worth of Rs 749 crores is nothing, if not inspiring.
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