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 utilise 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 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 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 as 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.
Clovia claims it has seen a spike in its business during the coronavirus pandemic and that fiscal year 2019-20 recorded a 50% growth with 85% sales coming from online channels. It has also achieved profitability.
The company had raised $10 million in its Series B round of funding last year led by AT Capital Pte. Ltd, which specialises in buyout and growth capital.
The company had in the past raised capital from a host of investors including IvyCap Ventures, Singularity Ventures, Mountain Partners AG and Ravi Dhariwal, former chief executive of Bennett, Coleman and Company Ltd.
