- The company will use the funding to expand into new product categories, improving technology, etc.
- Anisha Singh, the founder of SheCapital Venture Fund, would be joining the Clovia board of directors.
- Till date, Clovia has raised over $22 million in funding.
Noida-based lingerie retail firm Clovia (formerly MoodsOfCloe) has raised $4 million (or about Rs 29 crore) in a pre-Series C funding round led by a group of investors, including Golden Birch Investments and SheCapital Venture Fund.
The company will use the funding for growth expansion in all the key business segments of the firm, as well as expanding into new product categories, improving technology, and strengthening all verticals in the company.
With this development, Anisha Singh, the founder of SheCapital Venture Fund would be joining the company's board of directors.
Commenting on the appointment of Anisha Singh, the company said, Singh’s appointment would help Clovia tailor its customer-focused strategy at the topmost level in the company hierarchy.
In January 2019, Clovia had raised $10 million in a Series C funding round led by AT Capital and IvyCap Ventures. Mumbai-based IvyCap Ventures has been an early investor in the company.
Till date, It has raised over $22 million (or about Rs 160 crore) in a total of four funding rounds, mostly participated by IvyCap Ventures.
Founded in 2012 by IIT Delhi graduate Pankaj Vermani, Clovia is an online lingerie shopping platform that designs, manufactures, and sells fashion lingerie, innerwear, nightwear, and shapewear.
"We welcome the trust reposed in Clovia by our new and existing investors. This funding puts us in a strong position to continue making an impact in 2021," said Pankaj Vermani, CEO & Founder of Clovia.
"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 2-3 years, we plan to continue to grow from strength to strength on the back of category growth, and product innovation," he added.
“As women growing up in India, if you had to buy 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," said Anisha Singh, Founder of SheCapital Venture Fund.
With this latest fundraise, Clovia has been valued at nearly $43 million (or about Rs 320 crore), said Fintrackr reports.
The company said that it had seen a 6x increase in sales of sleepwear and loungewear, 3x scale in maternity lingerie, and feeding nightwear. The company further said that it is manufacturing almost a million units per month and shipping close to 2 million units in a quarter.
The company sells its products through exclusive brand e-stores and partnered websites, including Myntra, Jabong, Flipkart, Amazon, among others.
Currently, Clovia is present in more than 200 stores across 50 locations, which includes tier 2, tier 3, and metro cities.
Noida-based Clovia competes with Zivame and PrettySecrets, ShopImagine, Enamor, Cilory, Shyaway, among others. Clovia was earlier known as MoodsOfCloe that was rebranded in June 2015.