New Delhi [India], Apr 12 : India's fastest growing lingerie brand Clovia on Wednesday announced raising of four million USD, a post-Series-A funding by current and new investors including Singularity Ventures and Ravi Dhariwal, an industry stalwart and former BCCL CEO.
The company said that it will utilize the funds for marketing and boost product and technology development, in addition to expanding sales channels.
Clovia has made exponential strides growing aggressively quarter on quarter, and has introduced several initiatives to position itself as a leader.
It receives 1.5+ million visitors to its website monthly and registers nearly 80 percent of its sales today on the mobile website and app.
Backed by its technology, Clovia offers nearly 200 styles per month with best working capital ratios in the industry.
Over 75 percent of their inventory is fresh and less than 45 days old. "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 co-founder and CEO Clovia, Pankaj Vermani.
"I am delighted to partner with Clovia and impressed by the exponential strides they have made in the fashion space," said former BCCL CEO, Ravi Dhariwal.
"I am impressed by Clovia's good growth potential going forward, and with the way, they have amalgamated technology and fashion and have disrupted the lingerie industry," added Ravi Dhariwal.