Clovia, India’s fastest growing lingerie brand has raised funding of $4 million, a post-Series-A funding, by current and new Investors including Singularity Ventures and Mr. Ravi Dhariwal, an industry stalwart and former BCCL CEO.

Clovia will utilize the funds for marketing and boost product and technology development, in addition to expanding sales channels.

Clovia has made exponential strides growing aggressively quarter on quarter, and has introduced several initiatives to position itself as a leader. It receives 1.5+ Million visitors to its website monthly and registers nearly 80% of its sales today on the mobile website and App. Backed by its technology backbone including its proprietary customer data analytics that foresees sales trends and plans production planning, Clovia offers nearly 200 styles per month with best working capital ratios in the industry. Over 75% of their inventory is fresh and less than 45 days old.

Mr. Pankaj Vermani, Co-Founder, and CEO, Clovia, commented, “We are excited to welcome new Investors in Clovia. We look forward to a long-term relationship with them. We’re extremely excited to learn from experiences of the likes of Ravi who’ve developed some of the biggest consumer businesses in the country. ”

“I am delighted to partner with Clovia and impressed by the exponential strides they have made in the fashion space,” said former BCCL CEO, Ravi Dhariwal. He further added, “I am impressed by Clovia’s good growth potential going forward, and with the way, they have amalgamated technology and fashion and have disrupted the lingerie industry.”

Clovia was set up in 2013 to address the under-serviced intimate wear segment in India. Clovia designs and manufactures its own products. Using smart technology/analytics, it monitors the sales trends and patterns on its website and manages its inventory accordingly, thus reducing the operational costs.

Post a Comment

Previous Post Next Post
Like this content? Sign up for our daily newsletter to get latest updates.