Clovia is an online lingerie retailer, also known as ‘Moods of Cloe’ and most recently, it has announced to raise USD 4 million in funding from multiple investors in its Pre-Series C financing round.
The start-up is a part of a global investment fund and focuses on producing affordable premium solutions in lingerie choices, specifically catering to Indian body types.
The funding round was led by multiple investors including SheCapital Venture Fund and Golden Birch Investments. Existing investors of the company include AT Capital, IvyCap Ventures, Singularity Ventures, individual investor- Ravi Dhariwal and Mountain Partners.
According to the company profile on CrunchBase, Clovia has raised total funding of USD 18.7 million over 4 funding rounds.
Founded back in 2013 by Neha Kant and Pankaj Vermani, the company mentions that their categories of clothing products are essential for the wardrobe and work-from-home due to COVID-19 has definitely boosted its sales for both loungewear and innerwear along with activewear being one of their core categories.
When asked about their latest funding, the company mentions that they will use this fresh infusion of funds for further expansion of the brand into newer categories, enhancing technology, creating brand awareness and strengthening their core operational teams.
The unfortunate COVID-19 pandemic has been a friend to some and foe to some, but for Clovia, the work from home culture and spike of online shopping has boosted its sales up to 50% compared to last year. The company specifically mentioned that it has recorded 85% sales coming in from online channels.
According to YourStory, the lingerie start-up has scaled up 6 times in loungewear and sleepwear, three times scale in maternity clothing, lingerie and nightwear. The company has hit the double-digit EBITDA with improved gross annual margins as well.
All in all, the company business is profitable. The sales have tremendously boosted during the COVID-19 induced lockdowns and continues to grow post-lockdown with manufacturing over a million units per month.
Anisha Singh, Founding Partner at SheCapital mentioned in a statement that Clovia solves the mainstream issue of girls and women growing up in India, going to the locality store to buy lingerie. She stressed on the issue and how Clovia is relevant to the current Indian ecosystem. She acknowledged the brilliant execution of the idea by the founding team of Clovia and is excited to get behind and partner up.
Pankaj Vermani, CEO and Founder, Clovia states that the company plans to grow strength to strength in the next two to three years in terms of sales and product innovation. He added that the brand is currently associated and loved by over 2 million customers and that the number will most likely double in these upcoming years.
Furthermore, he mentioned that the company is getting a host of organic and inorganic opportunities to expand its business internationally.