India lingerie estore Clovia bags funding to take its bras and panties global
June 10, 2015 by admin
Filed under Latest Lingerie News
India’s online lingerie and sleepwear brand Clovia today announced that it bagged series A funding from IvyCap Ventures. The company earlier secured funding from Zurich-based Mountain Partners along with a group of private investors. The investment amount was not disclosed.
The fresh funding will be used for global expansion, product development, marketing, and fulfillment capacity.
Clovia designs, manufactures and distributes premium fashion lingerie and nightwear. It retails only through its own site. “Clovia wants to redefine the Indian lingerie market and help customers choose beyond standard cuts, shapes and colours. Lingerie is a critical part of your wardrobe and it doesn’t need to be drab and boring,” says Neha Kant, founder of Clovia.
This is the latest among a series of investments in India’s fashionable lingerie and sleepwear ecommerce space. Pretty Secrets raised series A funding from venture capital firm Orios Venture Partners, Indian Angel Network (IAN), and early-stage investor India Quotient. Another firm, Zivame, raised US$9 million across several rounds of funding from IDG Ventures, Kalaari Capital, and Unilazer Ventures.
“Niche ecommerce verticals remain relatively untapped in India,” says Vikram Gupta, founder and managing partner of IvyCap Ventures. “Players need a high degree of control over the entire customer experience – right from sourcing of fabric, to manufacturing, customization, market research on consumer behaviour, on-site experience,” he says.
IvyCap previously invested in online customized clothing brand eShakti, online cosmetics store Purplle, and digital advertising firm Sokrati.
