Online lingerie brand Cloe renamed Clovia

Online lingerie brand Cloe now renamed as Clovia has raised a fresh Series A funding round led by Ivy Cap Ventures. The change in brand-name is a part of its global expansion strategy. In 2013, the company had got an undisclosed seed investment from Zurich-based Mountain Partners AG and an arm of the Kanwar family who run Apollo Tyres.

With timely funding boost, the company aims to be top seeling lingerie and sleepwear brand in India. As a part of the deal, Vikram Gupta, Founder and Managing Partner at IvyCap will be joining the board of Purple Panda Fashions, parent company of Clovia.

Started in February 2013, Purple Panda was founded by the trio – Neha Kant, Suman Chowdhary and Sunanda Agarwal. Kant was earlier heading digital marketing at Smile Group’s Bestylish.com. In contrast, the other two co-founders, Chowdhary and Agarwal, are fashion designers by qualification.