Lingerie brand Clovia has raised $4 million in pre-Series C round of funding led by a clutch of investors including Golden Birch Investments and SheCapital Venture Fund.
The company said it will use 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.
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.
Clovia was launched by husband-wife duo Pankaj Vermani and Neha Kant, along with designer Suman Chowdhury in 2015.
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.”
The brand claims to have seen a remarkable spike in its business amid the pandemic, and it said it recorded a 50 percent growth in FY20 compared to FY19, with 85 percent sales coming from online channels. There has also been a 6X scale in sleepwear and loungewear, 3X scale in maternity lingerie, and feeding nightwear. Clovia has achieved profitability post lockdown with a double-digit EBITDA at the back of improved gross margins.
At present, Clovia is manufacturing almost a million units per month and ships close to two million units in a quarter. Clovia is present in 200 plus stores across 50 locations.
It is backed by Ivy Cap Ventures, Zurich-based Mountain Partners, and Singapore based AT Capital.