Lingerie brand Clovia raises $10 Mn Series B round led by AT Capital

Lingerie brand Clovia has raised $10 million in its Series B funding round led by AT Capital. The Noida-based company's existing investor Ivy Cap Ventures and some private investors also participated in the round.

IvyCap Ventures had led over $4 million round in Clovia in 2017. Prior to that, it had raised seed funding from Zurich-based Mountain Partners AG.

The latest proceeds will be deployed towards product and technology development, scaling up the brand portfolio, expanding to newer geographies, increasing operational efficiencies and strengthening the team, said the company's press statement.

Founded in 2013 by husband-wife duo Neha Kant and Pankaj Vermani, Clovia was earlier known as Cloe that was rebranded in June 2015. It designs, manufactures and sells premium fashion lingerie, innerwear, nightwear, and shapewear.

Clovia claims to sell around 5,00,000 pieces of lingerie a month. As of now, more than three-quarters of its business is online. The company has 12 exclusive brand outlets and more than 100 sales touch points including retail chains like Central and Brand Factory.

The company sells through direct sales channels including their exclusive brand e-store, partner websites including Myntra, Jabong, Flipkart and Amazon among others.

Currently, it claims to get around 60 percent of their revenue from tier-II and tier-III cities.

In the financial year ending on March 31, 2018, Clovia recorded a 34 per cent rise in net sales to Rs 51.8 crore. During the same period, it managed to bring down the losses from Rs 10.2 crore to Rs 8.6 crore. Meanwhile, the expenses of the six-year-old company increased by 23.8 per cent to Rs 60.8 crore.

Clovia competes with Kalaari Capital-backed Zivame and PrettySecrets, ShopImagine,  among several others