Mumbai: The company that owns online lingerie vendor Clovia.com on Tuesday said it has raised Series A funding from IvyCap Ventures. The company did not disclose the amount raised.
New Delhi-based Purple Panda Fashions Pvt. Ltd operates Clovia.com, previously Cloe.
The company was founded in 2013 by Neha Kant, Pankaj Vermani, Suman Choudhry and Aditya Chaturvedi. It is looking to use the funds for product innovation, extensions, marketing, hiring larger teams, strengthen delivery and warehousing capabilities and for global expansion.
“We strongly believe several niche e-commerce verticals remain relatively untapped in India. In this case, right from sourcing of fabric to manufacturing to customization and recommendations based on deep understanding of the customer to own-portal sales will create the next wave of value creation in e-commerce in the Indian context. Clovia has the ability to execute and control a fairly complex supply chain,” said Vikram Gupta, managing partner with IvyCap Ventures.
Other start-ups in online lingerie space include Zivame.com that raised $6 million from IDG Ventures, Unilazer Ventures and Kalaari Capital in 2013 and PrettySecrets that raised $2 million in 2014 from Orios Venture Partners. E-tailers Myntra.com and Jabong.com also offer products in this vertical.