Clovia, a lingerie brand that designs and manufactures premium lingerie catering specifically to indian body types, has raised $4 million in a pre-Series C funding round led by a clutch of investors including Golden Birch Investments and SheCapital Venture Fund.
The company will utilise the fresh capital to expand into new categories, pushing the brand message, enhancing technology, and strengthening the teams.
In a statement, the company also announced the appointment of Anisha Singh, Founder of SheCapital Venture Fund, to its Board of Directors.
Founded in 2013 by Neha Kant and Pankaj Vermani, Clovia is backed by Ivy Cap Ventures, Zurich-based Mountain Partners, and Singapore based AT Capital. It has 200 plus stores across 50 locations.
Commenting on the development, Pankaj Vermani, CEO and Founder, Clovia, said, “Our categories are essential products in the wardrobe, and work-from-home has given a further boost to the sales both for innerwear and our loungewear. Activewear is also coming up as one of the core categories for us.”
“In the next two to three years, we plan to continue to grow from strength to strength on the back of category growth, and product innovation. Clovia is currently loved by two million customers and the number should double up in two to three years. While we are steadily on that path, we’re also encountering a host of organic/inorganic opportunities to grow internationally,” he added.
Anisha Singh, Founding Partner, SheCapital, said, “As women growing up in India if you had to buy female lingerie from your locality store, which most likely all of us did, you would understand why a startup like Clovia is so relevant to the ecosystem. They are solving a very real problem that exists. The founders are brilliantly executing on a vision that we’re clearly excited to get behind.”
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