Indian fashion retail brand Clovia completes $10 million Series C financing

On January 28, Economic Times reported that Clovia, India's first local underwear fashion O2O brand retailer headquartered in Delhi, announced the completion of a US$10 million (approximately INR 710 million) Series C financing round. The lead investor is AT Capital Group, a well-known venture capital firm focusing on acquisition and growth stage investments. Participants include IvyCap Ventures, which had previously invested in the company, and a group of private investors.

According to the company's co-founder and CEO Pankaj Vermani, they plan to use the latest funds to accelerate product and technology development, expand their brand portfolio, expand into new markets, and improve operational efficiency, while also recruiting more outstanding talents to expand the team.

As the lead investor in this round of financing, AT Capital Group is headquartered in Singapore and founded by Arvind Tiku. It aims to seek investment opportunities in emerging and mature industries around the world. At present, the total size of the investment portfolio of this investment institution exceeds US$2.5 billion, and the main investment areas include residential and commercial real estate, hotels, natural resources, renewable energy, engineering, construction and retail.

Clovia was formerly known as Cloe, and its operating parent company is Purple Panda Fashions Pvt. Ltd. It was co-founded by Neha Kant and Vermani and their friends Suman Choudhry and Aditya Chaturvedi in 2013. In June 2015, the company officially changed its brand name to Clovia and focused on designing, manufacturing and selling fashionable underwear, sleepwear, casual wear and shapewear products.

At present, Clovia mainly sells its products through online and offline (O2O) omnichannels. Online, the company uses its official website and other large e-commerce portals (such as Myntra, Flipkart and Amazon) to promote its products. However, about a year and a half ago, in order to further expand sales channels, they began to explore offline sales. At present, they have opened 12 independent brand retail stores and have reached partnerships with many large shopping malls, brand factories, and other offline retail chains. Last year, Clovia began to try to expand overseas for the first time, allowing its brand products to enter the Southeast Asian market.

In addition, Clovia also revealed that its monthly underwear sales have reached more than 500,000 pieces, and more than three-quarters of its business comes from online. More importantly, unlike luxury underwear brands, about 60% of the company's total business revenue comes from second-tier and third-tier cities.

So far, this six-year-old startup has raised a total of $18.7 million in four rounds of financing. In addition to the latest C round of financing, the details of the other three rounds of financing are as follows:

In January 2013, it completed its seed round of financing, the specific amount of which was not disclosed, and the investor was Mountain Partners. In June 2015, it completed a 300 million Indian rupee A round of financing, and the investor was IvpCap Ventures. In April 2017, it completed a 4 million US dollar B round of financing, and the co-lead investors were Ravi Dhariwal and Singularity Ventures, and the participating investor was IvpCap Ventures.

At present, the company's main competitors include Myntra, Zivame, PrettySecrets, as well as e-commerce giants Amazon and Flipkart that are involved in underwear sales.

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