Noida-based online lingerie brand Clovia has raised $4 million from existing and new investors including Singularity Ventures and Ravi Dhariwal, former CEO of media house Bennett, Coleman & Co.
Clovia will utilise the funds for marketing, product and technology development, and expanding sales channels.
Owned by Purple Panda Fashion, Clovia in 2015 had raised funds from IvyCap Ventures. In 2013, it had raised seed fund from Zurich-based Mountain Partners AG.
Clovia claims to have 1.5 million visitors a month on its website, with nearly 80 percent of its sales happening through its website and app on mobile. Clovia offers nearly 200 styles per month with best working capital ratios in the industry.
Pankaj Vermani, Co-founder and CEO of Clovia, said:
“We are excited to learn from experiences of the likes of Ravi, which has developed some of the biggest consumer businesses in the country.”
Founded in 2013, Clovia was established to address the under-serviced intimate wear segment in India, and now designs and manufactures its own products. Using smart technology/analytics, it monitors the sales trends and patterns on its website and manages its inventory accordingly, thus reducing operational costs. The company claims to ship more than 250,000 units per month.
“I am delighted to partner with Clovia and impressed by the exponential strides they have made in the fashion space,” Dhariwal said, adding “I am impressed by Clovia’s good growth potential, and with the way they have amalgamated technology and fashion and disrupted the lingerie industry.”
As reported by VCCEdge, Clovia’s net sales stood at Rs 30 crore in FY16 compared to Rs 18.6 crore in FY15. However, the net losses increased to Rs 9.5 crore in FY16 from Rs 1.7 crore in FY15.
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