Lingerie brand Clovia raises $10 M in funding led by AT Capital
Noida-based Clovia will be using the capital to expand its business across India and enhance its product line by introducing new product categories.
Clovia.com raised $10 million in a fresh round of funding led by Singapore-based private equity firm AT Capital.
The Noida-based lingerie brand said the funds raised will be used to expand its business across India and enhance its product line. It is planning to introduce new product categories, strengthening and improvement of in-house technology and adding new employees.
Pankaj Vermani, Co-founder and Chief Executive, Clovia said that the company has been profitable and growing at a rapid pace.
Nearly 75 percent of Clovia’s sales come from its website, and its physical stores, launched two years ago, account for the remaining 25 percent.
Sources in the company say the brand is planning to introduce new product categories like teen bras, athletic leisure, and also introduce categories like sanitary pads and maternity wear.
Vikram Gupta, Founder and Managing Partner at IvyCap Ventures, said the company is an extremely successful omnichannel business.
AT Capital currently manages over $2.5 billion in assets with a presence in over 10 countries. Owned by Purple Panda Fashion, Clovia had raised $4 million in April 2017 in a funding round led by Singularity. In June 2015, IvyCap Ventures invested $4.7 million in the company. Earlier, Zurich-based Mountain Partners had also invested in a seed round. Singularity Ventures did not participate in this round.
Also read: Online lingerie brand that targeted Indian middle class 5 years ago has now expanded to Asia and UAE
Clovia’s competition Zivame follows an inventory-led to marketplace-led model and has been trying to reinvent itself ever since the founder’s exited the company.
According to E&Y, the retail industry is estimated to be a $650 billion industry, with organised retailing only $65 billion in size including ecommerce. With its ecommerce and omnichannel strategy, Clovia will be going after smaller towns where the market is estimated to be nearly $300 million in size.