Clovia, India’s lingerie brand, announced that it has raised a Series B Funding round led by AT Capital. The amount raised is approximately $10M. Clovia’s existing investor Ivy Cap Ventures and some private investors also joined the round.
Clovia has made exponential strides growing aggressively quarter on quarter, and has introduced several initiatives to position itself as a leader. It sells over 500,000 pcs of lingerie a month and is now one of the fastest growing brands in the nascent $4Bn market. As of now, more than three-quarters of its business is online. The brand launched in offline market 6 quarters ago and has been seeing aggressive growth there. They now have 12 exclusive brand outlets and a total of 100+ sales touch points including retail chains like Central and Brand Factory. Last year the company expanded overseas. The idea is to continue the growth and accelerate both the online and offline channels with an equal push.
Backed by its technology backbone including its proprietary customer data analytics that foresees sales trends and plans production planning,Clovia offers nearly 200 styles per month with best working capital ratios in the industry. Over 75% of their inventory is fresh and less than 45 days old.
Pankaj Vermani, CEO and Founder, Clovia, said, “We are very excited to welcome the new investors. This investment will primarily be used for our product and technology development, scaling up the brand portfolio, expanding to newer geographies, increasing operational efficiencies and strengthening the team.”
Sanjay Bakliwal, AT Capital, said, “We are thrilled to have partnered with Clovia. It’s impressive the way they have grown over the past few years on the back of the product and supply-chain innovation. We believe Clovia is on a path to gaining leadership position in the Indian lingerie Industry and look forward to being a part of their growth journey.”
The company sells through direct sales channels including their exclusive brand e-store; Partner websites including Myntra, Jabong, Flipkart and Amazon among others and also through offline retail outlets. About 60 percent of their revenue pie is from tier II and tier III cities. Clovia has 12 exclusive stores and 50+ multi-brand stores across India, all of which are profitable to the business.
Owned by Purple Panda Fashion, Clovia, in 2017 had raised funds from IvyCap Ventures, Singularity Ventures and Ravi Dhariwal, former chief executive of Bennett, Coleman and Company Ltd. Apart from this Clovia received funding from IvyCap Ventures in 2013 and raised seed funding from Zurich-based Mountain Partners AG.