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Clovia, the lingerie company, raised $4 million

A pre-Series C round fund led by a clutch of investors including Golden Birch Investments and SheCapital Venture Fund has been raised by Noida-based Lingerie venture Clovia. In the coming year, the $4 million raised will continue to fuel its growth, the company said in a statement.

Clovia has also confirmed the addition of SheCapital Venture Fund founder Anisha Singh to its board of directors. At its board level, Singh will improve the customer-focused approach of Clovia.

“Pankaj Vermani, CEO and founder, Clovia, said, “This funding puts us in a good position to continue to make an impact in 2021.” He added, “Our categories are important wardrobe items, and Work From Home has improved sales for both innerwear and loungewear further. Activewear also appears to us as one of the main categories. We plan to continue rising on the back of category growth and product innovation in the next 2-3 years.

The firm was founded by Neha Kant, Pankaj Vermani, and Suman Choudhury in 2012. They work in e-commerce, luxury, lingerie, and women’s retail.

Clovia is a brand of lingerie that produces and sells fashion lingerie, inner wear, nightwear, and shapewear. For Indian women who have been stuck with vanilla and one-size-fits-all underwear choices for decades, the company provides solution-based luxury lingerie.

In 50 different cities, Clovia has more than 200 stores. It is funded by Ivy Cap Ventures, Mountain Partners, based in Zurich, and AT Capital, based in Singapore.

“As women growing up in India, if you had to buy lingerie from your local store, which most likely all of us did, you would understand why a startup such as Clovia is so relevant to the ecosystem,” says Anisha Singh, founding partner, SheCapital. They are addressing a very real problem that exists.” In all key business segments of the company, the new capital will be used for growth.” In the midst of a pandemic, Clovia has seen a business spike. In sales of sleepwear & loungewear, 3x scale in maternity lingerie, and feeding nightwear, there has been a 6X rise. Almost 2 million units per quarter are shipped by Clovia.

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