Lingerie retailer Clovia raises $4 million from Singularity Ventures, angel investor
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New Delhi: Lingerie retailer Clovia, run by Purple Panda Fashions Pvt. Ltd, on Tuesday said it raised $4 million from Singularity Ventures and Ravi Dhariwal, the former chief executive officer of publishing house Bennett Coleman & Co. Ltd. The round also saw participation from existing investors.
The Noida-based firm, which sells innerwear through its online platform clovia.com and partner retail stores, had raised $4.7 million from IvyCap Ventures in June 2015. Earlier, Zurich-based Mountain Partners had invested in a seed round.
The firm will use the funds for marketing and promotion, technology development and expanding sales channels.
“We are excited to welcome new investors in Clovia. We look forward to a long-term relationship with them,” Pankaj Vermani, chief executive officer and co-founder at Clovia said in a statement.
Earlier known as Cloe, Clovia was founded in 2013 by Vermani, Neha Kant, Suman Choudhry and Aditya Chaturvedi. It competes with IDG Ventures- and Kalaari Capital-backed Zimave and PrettySecrets, backed by Orios Venture Partners, besides larger fashion retailers Myntra and Jabong.
Clovia designs and manufactures its own line of lingerie, while Zivame started out a marketplace for brands but later pivoted into a private label. PrettySecrets also sells its own line of apparel.
Clovia claims to receive over 1.5 million visitors on its website and sell about 250,000 units per month. About 85% of its sales come from online and the rest from partner stores. Going forward, the company is looking to expand the offline touch point.