Clovia sells lingerie, innerwear, loungewear and is expanding into activewear and related categories. The company plans to use new capital to expand into new categories, push its brand message, enhance technology, and strengthen teams while pursuing organic and inorganic international opportunities. Clovia says it is loved by two million customers and aims to double that number in two to three years. The brand recorded 50% growth in FY20 versus FY19, with 85% of sales online; sleepwear and loungewear scaled 6X while maternity and feeding nightwear scaled 3X. It achieved profitability post lockdown with a double-digit EBITDA and manufactures almost one million units per month, shipping close to two million units per quarter. Clovia is present in 200+ stores across 50 locations. Clovia designs, manufactures and sells premium fashion lingerie, innerwear, nightwear and shapewear through its direct e-store and partner marketplaces like Myntra, Jabong, Flipkart and Amazon. The company reports selling around 500,000 pieces of lingerie a month, with more than three-quarters of its business conducted online; it also operates 12 exclusive brand outlets and 100+ sales touch points including retail chains such as Central and Brand Factory. Around 60% of revenue comes from tier-II and tier-III cities. In the financial year ending March 31, 2018, Clovia recorded net sales of Rs 51.8 crore (a 34% rise) while narrowing losses from Rs 10.2 crore to Rs 8.6 crore; expenses rose 23.8% to Rs 60.8 crore. The company plans to deploy the latest proceeds toward product and technology development, scaling the brand portfolio, expanding to new geographies, increasing operational efficiencies and strengthening the team. Clovia is a direct-to-consumer lingerie brand that designs and manufactures its own products. Set up in 2013, the company said it currently ships over 250,000 units per month. The company has raised $4 million in a post-Series-A funding round from current and new investors, including Singularity Ventures and former Bennett Coleman & Co CEO Ravi Dhariwal. Clovia plans to utilise the funds for marketing, boosting product and technology development, and expanding sales channels. Co-founder and CEO Pankaj Vermani said the company welcomes new investors and looks forward to long-term relationships and learning from their experience. Clovia (run by Purple Panda Fashions Pvt Ltd) operates an online-first private-label lingerie and sleepwear business, selling its own Cloe brand. The company focuses on end-to-end control of sourcing, manufacturing and customer experience, and competes with players such as Zivame, Cilory, HerStyle and PrettySecrets. Management says Clovia has been growing at almost 100% every quarter over the last year. The firm plans to expand its footprint globally and move beyond e-commerce into offline retail. Funds will be used for product innovation and extensions, marketing, team development and to augment fulfilment capacity. The startup was founded in 2013 and was renamed from Cloe to Clovia to better align with its future strategy and product roadmap.

Total raised

$18M

Funding rounds

4

Latest round

Series C

Latest activity

Dec 2020