India-based underwear startup Clovia has raised US$4 million in a post-Series A round from investors including Singularity Ventures and Ravi Dhariwal, a former BCCL CEO.
It will use the newly-raised capital to boost marketing and product and development efforts. Part of the funding will also go towards expanding Clovia’s sales channels.
“We are excited to welcome new investors in Clovia. We look forward to a long-term relationship with them. We’re extremely excited to learn from experiences of the likes of Ravi who’ve developed some of the biggest consumer businesses in the country, ” said Pankaj Vermani, Co-Founder, and CEO, Clovia, in an official press statement.
Launched in 2013, the underwear company designs, manufactures and sells premium fashion lingerie, innerwear, nightwear, and shapewear. It has an in-house team of designers, fashion experts to create “exquisite, playful and designer” innerwear.
On its site, Clovia uses analytics to measure sales trends and manage its production and inventory accordingly. It offers nearly 200 styles of innerwear monthly and claims that 75 per cent of its inventory is fresh and less than 45 days old.
Clovia also claims that it sells over 250,000 products and logs 1.5 million visitors to its site monthly.
Image Credit: Clovia
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