Clovia’s valuation jumps to Rs 320 Cr with latest infusion

Lingerie brand Clovia has raised Rs 14.31 crore from a clutch of angels, Ivy Cap Ventures and She Capital Trust. The fresh proceeds for the Noida-based company has come after two years. It had raised Rs 75 crore in January 2019.

Clovia has allotted 11,377 Series B3 CCPS at an issue price of Rs 12577.83 each share, regulatory filings show. Golden Birch has infused Rs 2.75 crore while existing investor Ivy Cap invested Rs 2 crore. 

Madhukar Parekh has put in Rs 2.25 crore and She Capital Trust picked up shares worth Rs 1.87 crore. Baaya International has invested Rs 1.5 crore whereas other individuals infused Rs 2.44 crore. 

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

The company sells through direct sales channels including their exclusive brand e-store, partner websites including Myntra, Jabong, Flipkart and Amazon among others. At present, it claims to get around 60% of its revenue from tier-II and tier-III cities.

Clovia claims to sell around 5,00,000 pieces of lingerie a month. About three-quarters of its business comes from online channels. The company has over a dozen exclusive brand outlets and more than 100 sales touchpoints including retail chains like Central and Brand Factory.

According to Fintrackr, Clovia has been valued nearly Rs 320 crore in the fresh round. 

Clovia competes with Kalaari Capital-backed Zivame and PrettySecrets, ShopImagine,  among several others. While the company is yet to disclose financials for FY19 and FY20, Clovia had recorded a 34% spike in revenue to Rs 51.8 crore in FY18. It also managed to cut down losses to Rs 8.6 crore in FY18 from Rs 10.2 crore in the previous fiscal year.