Bangalore: Noida based lingerie web portal Clovia.com, previously known as moodsofcloe.com owned and operated by Purple Panda Fashions Pvt. Ltd., raises an undisclosed amount of funding from IvyCap Ventures. Though the exact amount of the deal was not disclosed, reports say the deal size to be around Rs.25-30 crores.
The raised funds will be utilized for marketing, product innovation and extensions, team development and fulfillment capacity, and aggressively growing Clovia’s footprint across the world. As a part of the deal, Vikram Gupta, Founder & Managing Partner at IvyCap Ventures will be joining the board of Purple Panda Fashions Pvt. Ltd. on behalf of IvyCap Ventures.
Founded in 2013 by the husband-wife duo of Neha Kant and Pankaj Vermani along with their friends Suman Choudhry and Aditya Chaturvedi, Clovia offers bras, panties, night dresses and other accessories like winter wear, thermals, leggings, stockings and gift sets. Clovia also claims to have the widest variety of designs with different price range.
This is the most recent among a large number of investments in India’s fashionable nightwear and lingerie e-Commerce space. Pretty Secrets had raised series A funding from Orios Venture Partners, Indian Angel Network (IAN) and India Quotient. Another online lingerie portal Zivame raised $9 million across several rounds of funding from IDG Ventures, Kalaari Capital and Unilazer Ventures
IvyCap previously invested in online customized clothing brand eShakti, a digital advertising firm Sokrati and Purplle, an online cosmetics store.