IvyCap invests circa 5 million dollars in Clovia

Venture capital firm IvyCap has invested circa 5 million dollars in the Indian online lingerie retailer Clovia, earlier known as Cloe. The final amount of Series A funding remains undisclosed.

Clovia explains that it intends to utilise the funds to strongly increase its footprint globally, innovating and extending the product line, marketing, team development and fulfilment capacity.

According to Research and Markets data, the online lingerie market in India is to grow at a 42.32 percent rate from 2014 to 2019.

Founded in 2013, by husband-wife duo Neha Kant & Pankaj Vermani along with friends Suman Choudhry and Aditya Chaturvedi, Clovia is run by a leading online-first lingerie and sleepwear brand in India, Purple Panda Fashions Pvt. Ltd.

Commenting on the development Neha Kant, Founder of Clovia said, “We have seen unprecedented growth in the lingerie and sleepwear segment in the last couple of years. For a country of 1.2 billion people, there’s hardly any choice when it comes to fashion underwear. The brand, launched primarily to cater to this need, has been growing at almost 100 percent every quarter over the last year.”

Vikram Gupta, founder and managing partner at IvyCap Ventures will join the board of Purple Panda Fashions Pvt. Ltd., the parent company of Clovia as a part of this development.