Clovia raises USD 4 mn funding from Golden Birch Investments, other.
Lingerie brand Clovia on Friday said it has raised USD 4 million (about Rs 29.5 crore) in funding from Golden Birch Investments, SheCapital Venture Fund and other investors.
The proceeds from pre-Series C round will continue to fuel Clovia”s growth in the coming year, according to a statement.
SheCapital Venture Fund founder Anisha Singh will join Clovia”s board of directors, it added.
Clovia founder and CEO Pankaj Vermani said, “We welcome the trust reposed in Clovia by our new and existing investors. This funding puts us in a strong position to continue making an impact in 2021.”
He added that work-from-home has given further boost to its sales of both innerwear and loungewear.
Vermani added, “Activewear is also coming up as one of the core categories for us. In the next 2-3 years, we plan to continue to grow from strength to strength on the back of category growth, and product innovation.”
He added that Clovia is currently loved by 2 million customers and the number should double up in the 2-3 years.
The company is also seeing a host of organic and inorganic opportunities to grow internationally, Vermani said.
The fresh capital will be used for driving growth in all key business segments of the firm, the company said.
The funds will be deployed to expand into new categories, pushing the brand message, enhancing technology and strengthening teams, and these efforts are directed towards a better customer experience for the brand, it added.
Clovia has recorded a 50 per cent growth over 2018-19 with 85 per cent sales coming from online channels. It has seen a 6X scale in sleepwear and loungewear, 3X scale in maternity lingerie, and feeding nightwear.
“Clovia has achieved profitability post lockdown with a double-digit Ebitda at the back of improved gross margins,” the statement said.
Ebitda stands for earnings before interest, tax, depreciation and amortisation.
Currently, Clovia is manufacturing almost a million units per month and ships close to 2 million units in a quarter. Clovia is present in more than 200 stores across metros, tier-II and tier-III cities.
Clovia has previously raised funds from Ivy Cap Ventures, Zurich-based Mountain Partners AG and Singapore-based AT Capital. PTI SR HRS