Zivame Co-founder Richa Kar resigns as startup reverts to marketplace model

Following in the footsteps of other Indian startups, Zivame too has been witnessing management reshuffling for quite some time. After relinquishing control of the company’s business operations in January, Richa Kar, founder and chief executive of online lingerie retailer Zivame has now submitted her resignation to the board, according to an Economic Times report.

Reportedly, the online platform has also reverted to a marketplace model where it presents curated collection across brands.

Back in January, Kar dispensed off her day-to-day responsibilities to Chief Operating Officer Shaleen Sinha. The shareholders had also appointed managing director of Zodius Capital Shilpa Kulkarni as the representative who’d direct strategic decisions at the company.

Apparently, Kar continues to be a member of the board and has not diluted or sold her equity in the company. Citing a source, the report said that Richa Kar had to comply with the board’s decision as her involvement was completely ‘coming down’ after the recent discussions.

The startup is also planning to open standalone stores across 10 cities in India that will retail its private labels. Zivame, run by Actoserba Active Wholesale Pvt Ltd, was founded by Kar in August 2011. As per the documents filed with Registrar of Companies, Zivame recorded total expenses of Rs 43.3 crore for investment in growing its private label and for product design. The company reported 84 percent increase in net losses at Rs 54 crore for FY16 and 38 percent growth in its net sales at Rs 62.6 crore.