Reliance Retail Ventures acquires majority stake in Clovia

Reliance Retail Ventures (RRV) has acquired an 89% stake in online lingerie retailer Clovia in a Rs 950 crore deal, which includes primary investment and secondary share sale, according to a statement by the company.

The founding team and management of Clovia will own the rest of the stake in the firm, RRV said in a statement.

The deal comes after RRV led a $240 million funding round in Dunzo, picking up a 25% stake in the Bengaluru firm. Clovia is the third online lingerie retailer RRV has acquired, after Zivame and Amante.

Founded in 2013 by Pankaj Vermani, Neha Kant and Suman Choudhary, Clovia's offerings include more than 3,500 product styles.