One of India’s leading lingerie brands Clovia has raised fresh capital to the tune of $10 million and the major portion of this round has been invested by Singapore’s AT Capital. Besides AT Capital, existing investors, Ivy Cap Ventures have also participated.
This is part of the Series B funding for Clovia. A few private investors have also joined in this round, according to a statement from the company. Singularity Ventures and Zurich-based Mountain Partners AG are the other two existing investors in Clovia. There is also Ravi Dhariwal, former chief executive of Bennett, Coleman and Company who has invested in the earlier rounds.
Pankaj Vermani, CEO and Founder, Clovia, said, “We are very excited to welcome the new investors. This investment will primarily be used for our product and technology development, scaling up the brand portfolio, expanding to newer geographies, increasing operational efficiencies and strengthening the team.”
Clovia has made a name for itself in the fashion ecommerce business though it has a significant offline presence as well. The company claims it sells over 500,000 pieces of lingerie a month and has clocked an impressive growth over the recent past. On the physical front, it runs 12 exclusive stores. Apart from these, it also has sales touch points and has sold products sold on platforms like Amazon and Flipkart’s Myntra and Jabong. Clovia has now made strides overseas as well.
The funds the company has now raised will be used to expand the business, in all areas, such as product and technology development, marketing and brand building efforts as well as in covering larger geographies. The company has already invested in technology and will continue to use it in future also. This helps them launch fresh products. Some more recruitments are also expected to be made.
The company claims that as much as 75% of their products are less than 45 days old. The company describes its product line to consist of premium fashion lingerie, innerwear, nightwear, and shapewear. Clovia says it follows a mantra “lingerie is a critical part of your wardrobe and it doesn’t need to be drab and boring”.
The lingerie market is being projected at $48 billion.