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Lingerie brand Clovia has raised around $10 million in a Series B round led by Singapore-based AT Capital. The existing investor Ivy Cap Ventures also participated in the round.
The company will use this money for product and technology development, scaling up the brand portfolio and expansion.
Clovia claims to be selling around 500,000 pieces of lingerie a month. While almost three-quarters of its business is online, the company also has good offline presence. It has 12 exclusive brand outlets and over 100 sales touch points. Last year, it also ventured into overseas markets. The idea is to continue the growth and accelerate both the online and offline channels with an equal push.
Currently, Clovia claims to be getting around 60 percent of their revenue from tier-II and tier-III cities.
Owned by Purple Panda Fashion, the company last raised funds from IvyCap Ventures, Singularity Ventures and Ravi Dhariwal, former chief executive of Bennett, Coleman and Company Ltd in 2017.
It competes with Zodius Capital-backed Zivame, among others. Zodius Capital recently had also increased its stake in Zivame by buying out shares early backers Kalaari Capital and IDG Ventures.
AT Capital Group was founded by Arvind Tiku. It has an asset portfolio worth approximately $2.5 billion with global investments in residential and commercial real estate, hospitality, construction and retail.
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