Indian lingerie brand Clovia raises $10 mn

January 29, 2019 - India

Indian lingerie brand Clovia has raised $10 million in a funding round led by Singapore-based AT Capital. The investment will mainly be used for product and technology development, scaling up the brand portfolio, expanding abroad, increasing operational efficiency and strengthening the team, said Clovia founder and chief executive officer Pankaj Vermani.

Existing investor Ivy Cap Ventures and a few private investors participated in the series B round of funding, according to a news agency report.

Clovia is owned by Purple Panda Fashion and had earlier raised funds in 2017 from IvyCap Ventures, Singularity Ventures and Ravi Dhariwal, former chief executive officer of Bennett Coleman and Company Ltd.

Clovia also received funding from IvyCap Ventures in 2013 and had raised seed funding from Zurich-based Mountain Partners AG.

Apart from e-commerce channels, Clovia has 12 exclusive stores and over 100 sales touch points across India, and sells over 500,000 units a month.

The company aims to continue the growth and accelerate both the online and offline channels with an equal push. (DS)