Clovia’s parent group raises 4 million dollars in funds

Indian leading online lingerie and sleepwear retailer Clovia, owned by Delhi-based Purple Panda Fashions Pvt. Ltd, has secured new funds from two new investors.

As explained by the company to ‘VCCircle’, the intimates retail startup attracted 4 million dollars from existing investor Ivycap Ventures Advisors Pvt. Ltd and new investors Singularity Ventures and Ravi Dhariwal, Clovia CEO Pankaj Vermani told VCCircle in an e-mailed statement.

Vermani said as well that the startup hopes to learn from the experiences of new investors including Dhariwal, who has developed some of the biggest consumer businesses in the country.

Clovia will use the funds for marketing, product development and expanding sales channels.

Vermani also said the fundraising is a precursor to a Series B round, preferring not to give further detail.

Previously, Clovia’s parent group raised an undisclosed amount in its Series A round in June 2015. The funding came at a post-money valuation of $7.5 million, according to data research firm VCCEdge.

Clovia, formerly known as Cloe, was founded in 2013 and renamed in June 2015. The company sells its own brand of lingerie. Clovia ships about 250,000 units and claims to launch about 200 styles every month. The company also claims to have 1.5 million visitors a month on its website and app.