Clovia raises USD 10 mn in funding led by AT Capital

Lingerie brand Clovia Friday said it has raised USD 10 million (about Rs 71 crore) in a funding round, led by Singapore-based AT Capital.

The series B round of funding also saw participation from existing investor Ivy Cap Ventures, and some private investors, Clovia said in a statement.

"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," Clovia Founder and CEO Pankaj Vermani said.

Owned by Purple Panda Fashion, Clovia, had earlier raised funds from IvyCap Ventures, Singularity Ventures and Ravi Dhariwal (former chief executive of Bennett Coleman and Company Ltd) in 2017.

Clovia also received funding from IvyCap Ventures in 2013 and had raised seed funding from Zurich-based Mountain Partners AG.

Apart from e-commerce channels, Clovia has 12 exclusive stores and over 100 sales touch points across India, and sells over 500,000 units a month.

The company aims to continue the growth and accelerate both the online and offline channels with an equal push, the statement said.