Moodsofcloe gets seed funding, eyes offline market

Delhi-based Purple Panda Retail, which runs its private

label lingerie e-shop Moodsofcloe has raised an undisclosed seed investment from Zurich-based Mountain Partners AG and an arm of the Kanwar family who run Apollo Tyres. The firm sells its own Cloe brand lingerie and aims to go beyond the e-commerce platform, targeting sales through offline stores as well.

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. While the other two co-founders, Chowdhary and Agarwal, are fashion designers. While Agarwal graduated from the National Institute of Design, Chowdhary is an alumnus of National Institute of Fashion Design.

The venture raised funding just a couple of months before officially going live with the site in January this year. The company now plans to build an offline network in top six Tier I cities apart from making a global launch.

Zurich-based Mountain Partners is a global asset management company running multiple specialised investment divisions. It puts in money through a co-investment model across categories – from cleantech to e-commerce. It has about 120 companies in its portfolio.