In a fresh round, Delhi-based lingerie brand Clovia has raised US $ 10 million in a series B funding led by AT Capital.
Prior to this round, the company has raised funds from IvyCap Ventures, Singularity Ventures and Ravi Dhariwal, former chief executive of Bennett, Coleman and Company Ltd and Zurich-based Mountain Partners AG.
“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.” – Pankaj Vermani, CEO and Founder, Clovia
Vermani also added that the company has been profitable and growing at a rapid pace. Nearly 75 percent of its sales come from its website, while the physical stores which were launched just two years ago, account for the remaining 25 percent. Clovia claims to sell over 5 million lingerie products a month and offers nearly 200 styles per month.
“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.” – Sanjay Bakliwal, Director and Group CFO, AT Capital
Clovia has also expanded to overseas market last year and boasts of technology prowess which includes its proprietary customer data analytics that foresees sales trends and plans production.