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Clovia raises $4 million in pre Series C funding

Delhi: Online-first lingerie and sleepwear retailer Clovia has raised $4 million (Rs 29 crore) in its pre-Series C round of funding led by SheCapital Venture Fund and Golden Birch Investments.

The company, operated by Delhi-based Purple Panda Fashions Pvt. Ltd will utilize the capital to expand into new categories, upgrade technology, and hire more people.

“Our categories are essential products in the wardrobe, and work-from-home has given a further boost to the sales both for innerwear and our loungewear. Activewear is also coming up as one of the core categories for us,” said Pankaj Vermani, CEO at Clovia.

The company was founded by the husband-wife duo of Vermani and Neha Kant, along with friends Suman Choudhry and Aditya Chaturvedi, in 2013. It was initially called Cloe and was renamed Clovia in June 2015.

Clovia designs manufactures and sells fashion lingerie, innerwear, nightwear, and shapewear through its website and other e-commerce portals like Myntra, Flipkart, and Amazon.

The company makes almost a million units per month and ships close to 2 million units in a quarter. The lingerie brand is present in over 200 stores across metros, Tier-II, and Tier-III cities. These include 13 exclusive brand outlets across Delhi-NCR, Punjab, and Gujarat.

Source
VCCiRCLE

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