Clovia raises $10 million, to use funds on business expansion

By

Maverick Martins

Published
Jan 28, 2019

Indian lingerie brand Clovia, which is run by Purple Panda Fashions, has managed to raise around $10 million (Rs 71 crore) in a Series B Funding round led by AT Capital. Clovia’s existing investor Ivy Cap Ventures and some private investors also joined the round.
 

The company plans to use the funds in diversification of product portfolio, retail expansion, technology development and strengthening of its team.
 
Clovia is betting big on the offline market for growth and has been rapidly expanding its retail presence in India. It plans to double its store count from 12 to 24 before the end of the current fiscal.

Commenting on the investment, Pankaj Vermani, CEO and founder, Clovia, in a statement 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.”
 
Sanjay Bakliwal, AT Capital, added, “We are thrilled to have partnered with Clovia. It’s impressive the way they have grown over the past few years on the back of the product and supply-chain innovation. We believe Clovia is on a path to gaining a leadership position in the Indian lingerie industry and look forward to being a part of their growth journey.”
 
The company had posted revenue of Rs 52 crore ($7.4 million) for the fiscal year 2017-18 with a net loss of Rs 9 crore.
 
Clovia currently has12 exclusive brand outlets and a total of over 100 sales touch points including retail chains like Central and Brand Factory. The company also sells through their exclusive brand e-store and e-commerce sites like Myntra, Jabong, Flipkart and Amazon among others.