Clovia's existing investor Ivy Cap Ventures and some private investors also joined the round.
Clovia, India’s fastest growing lingerie brand, announced that it has raised a Series B Funding round led by AT Capital. The amount raised is approximately $10 million. Clovia’s existing investor Ivy Cap Ventures and some private investors also joined the round.
Clovia has made exponential strides growing aggressively quarter on quarter, and has introduced several initiatives to position itself as a leader. It sells over 500,000 pieces of lingerie a month and is now one of the fastest growing brands in the nascent $4 billion market.
The brand launched in the offline market 6 quarters ago and has been seeing aggressive growth there. They now have 12 exclusive brand outlets and a total of 100+ sales touch points including retail chains like Central and Brand Factory. Last year the company expanded overseas. The idea is to continue the growth and accelerate both the online and offline channels with an equal push.
Pankaj Vermani, CEO and Founder, Clovia, 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 of AT Capital, stated, "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."