Online lingerie brand Clovia raises $10 million

Lingerie brand Clovia has raised around $10 million (Rs 71 crore) in a Series B funding led by Singapore-based AT Capital and with participation from existing investor Ivy Cap Ventures.

The investment will primarily be used for product and technology development, scaling up the brand portfolio, expanding to newer geographies, increasing operational efficiencies and strengthening the team, Pankaj Vermani, chief executive and founder of Clovia, said in a press statement.

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While almost three-quarters of its business is online, the company also has offline presence as well. It has 12 exclusive brand outlets and over 100 sales touch points. Last year, it also ventured into overseas markets. The idea is to continue the growth and accelerate both the online and offline channels with an equal push.

 

Currently, Clovia claims to be getting around 60 percent of their revenue from tier-II and tier-III cities.

In 2017, the company owned by Purple Panda Fashion, raised funds from IvyCap Ventures, Singularity Ventures and Ravi Dhariwal, former chief executive of Bennett, Coleman and Company Ltd in 2017.

Clovia designs, manufactures and sells fashion lingerie, innerwear, nightwear, and shapewear through its websites and other ecommerce portals like Myntra, Flipkart and Amazon. The brand launched offline sales six quarters ago, and has 12 exclusive brand outlets currently. It also sells on other retail chains like Central and

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