Lingerie Startup Clovia Raises $4 Million

Lingerie Startup Clovia Raises $4 Million

Clovia, a Noida-based lingerie and sleepwear startup has raised four million US dollar from existing investor IvyCap Ventures as well as from Singularity Ventures.

The company, operated by Purple Panda Fashion, had in 2015 raised an undisclosed amount, estimated to be between Rs. 20 crore and Rs. 30 crore, from IvyCap Ventures. Prior to that, it had raised seed funding from Zurich-based Mountain Partners AG.

Clovia, set up in 2013, plans to use the new capital for marketing, expanding its sales channels, and boosting product and technology development. The company, which attracts more than 1.5 million visitors to its website every month, registers nearly 80 per cent of its sales on mobile website and app.

Clovia produces its own products with an in-house design and sourcing team. In financial year 2016, the company’s net sales grew 61 per cent to Rs. 30 crore.

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