IIT and IIM alumni-backed venture capital firm IvyCap Ventures has invested in online lingerie retailer Clovia, showcasing the continuing interest by risk capital investors in backing ventures specifically catering to women consumers, according to media reports.
While both, IvyCap Ventures and Clovia, confirmed the investment, they declined to disclose the exact size of the transaction.
IvyCap has an investment ticket size ranging between Rs 25-30 crore, while picking up between 25 per cent to 35 per cent in each of its portfolio companies.
"We are quite excited about the lingerie space. It's a hugely under-served market, and Clovia provides value for money, access to potential customers and substantial variety of products," said Vikram Gupta, founder and managing partner, IvyCap Ventures.
According to one forecast, the online lingerie market in India is set to grow at a CAGR of 42.32 per cent over the period 2014-2019. (SH)
Fibre2fashion News Desk – India