Jul 29, 2020

Ltd, a Delhi-based company, which operates online-first lingerie and sleepwear retailer Clovia , has gained two new investors nearly two years after its Series A round. The startup has bagged $4 million from existing investor Ivycap Ventures Advisors Pvt. Ltd and new investors — Singularity Ventures and Ravi Dhariwal. ADVERTISEMENT Commenting on the occasion, Mr. Pankaj Vermani, Co-Founder, and CEO at Clovia, said, “We are excited to welcome new Investors in Clovia. We look forward to a long-term relationship with them. We’re extremely excited to learn from experiences of the likes of Ravi who’ve developed some of the biggest consumer businesses in the country. ” The startup commenced operations in the year 2012. It was founded by Neha Kant, Suman Chowdhary and Pankaj Vermani. In 2013, it raised seed funding from Zurich-based Mountain Partners AG. Furthermore, the company raised an undisclosed amount in its Series A round in June 2015. The online lingerie portal offers women intimate apparel, night dresses, and accessories such as leggings, thermals, stockings and gift sets. Using smart technology/analytics, it monitors the sales trends and patterns on its website and manages its inventory accordingly, thus reducing the operational costs. Former BCCL CEO, Ravi Dhariwal, who participated in this round, said that he was delighted to partner with Clovia and impressed by the exponential strides they have made in the fashion space. He further added, “I am impressed by Clovia’s good growth potential going forward, and with the way, they have amalgamated technology and fashion and have disrupted the lingerie industry.” Clovia claims to have over 1.5 million visitors a month on its website, with nearly 80 percent of its sales happening through its website and app on mobile. The company offers nearly 200 styles per month with best working capital ratios in the industry. It also claims that over 75% of its inventory is fresh and less than 45 days old. With the raised funding, the company is expected to now focus on growing its footprints in the international market, marketing, team development and product innovation and extensions. In the online lingerie retailing space, the company is competing with the likes of Zivame, PrettySecrets, besides larger fashion retailers such as Myntra and Jabong. Share this: