Online Lingerie Retailer Clovia secures $4.7 million funding from IIT and IIM alumni-backed venture capital firm IvyCap Ventures. New Delhi Purple Panda Fashions P Ltd which owns and operates online first lingerie and sleepwear brand Clovia. Clovia was earlier called as MoodsOfCloe; it was later renamed as Clovia for future strategy and product roadmap.
IvyCap has an investment ticket size ranging between Rs 25 crore-Rs 30 crore, while picking up between 25-35 per cent in each of its portfolio companies.
The startup was founded in 2013 by husband-wife duo Neha Kant and Pankaj Vermani and his friends Suman Choudhry and Aditya Chaturvedi. Clovia is a leading online first lingerie and sleepwear brand in India. Clovia was incubated by Mountain Apollo India.
Clovia retails through its own website, as well as through the major e-commerce sites, including, Myntra, Jabong, Snapdeal and Flipkart.
The three year-old venture, which also raised an undisclosed amount in seed funding from Zurich-headquartered global asset management firm Mountain Partners and other angel investors in 2012, reported a top-line of Rs 23 crore for fiscal 2015, and is targeting revenue of Rs 72 crore in the current financial year.