Online Lingerie Retailer Clovia secures funding from IvyCap Ventures. New Delhi Purple Panda Fashions P Ltd which owns and operates online first lingerie and sleepwear brand Clovia. Clovia was earlier called as Cloe; it was later renamed as Clovia for future strategy and product roadmap.
The company was founded in 2013 by husband – wife duo Neha Kant and Pankaj Vermani and his friends Suman Choudhry and Aditya Chaturvedi. Clovia is a leading online first lingerie and sleepwear brand in India. Clovia was incubated by Mountain Apollo India.
Neha Kant is the founder and Chief Executive Officer of the company. She has graduated in Bachelor of Arts (Hons) in Mathematics from Delhi University in 2002; she went to do her post graduation diploma in business management from Fore School of Management in 2004.
She started her career as account executive is advertising company FCB ULKA in 2004. Neha worked for a brief stint of 16 months. In June 2006 she became Head, Sales & Marketing for Bag It Today.com, a venture of media group India Today Group. The company is one of the first in online platform in India. Neha was responsible sales planning, product packaging, pricing decisions, managing consumer promotions, media planning, data analytics and supply chain management. She worked with the company for 4.3 years. In January 2012, Neha joined Smile Interactive Technologies Group as Head – Digital Marketing for bestylish.com. After brief stint of 4 months she founded Clovia.
Pankaj Vermani is the co founder and investor of the company. He is very well known in entrepreneur circle. He has graduated in Integrated Master of Technology in Computers and Mathematics from Indian Institute of Technology, Delhi. He has several awards like IIT Delhi Outstanding contribution to BRCA Award in 2000, Red Herring 100 Asia in 2011, Deloitte India Fast 2010 and 2011 to name a few.
He was member of initial engineer team in GlobalLogic in 2002. In 2004 he co founded and became director of Seeknet Technologies. The company was later acquired by ad space major Tribal Fusion. He worked in the company for 2.5 years and co founded Vriti. He was Chief Strategy Officer of the company.
He grew organization into one of the leading players in online education. He raised series A and b investments. Pankaj built a testing and assessment engine with over 200 million questions, claims to be one of the largest online aggregation of its kind. He set up business operations catering 950+ B2B Partners that includes various educational institutions. On the revenue front he co conceptualized and evolved multiple revenue streams include Franchisee, SaaS based and direct retail models. He worked with Vriti till April 2012.
In June 2012 Pankaj co founded and became Chief Executive Officer of Mountain Apollo India. The company is a joint venture Apollo International Ltd and Mountain Partners, Switzerland. In Sept 2012, he co founded Clovia along with his wife Neha.
Clovia was seed funded by Mountain Apollo India and secured $4.7 million as Series A funding from IvyCap Ventures. As part of the deal Vikram Gupta of IvyCap Ventures will join the board of Clovia.
After funding Neha Kant, founder and Chief Executive Officer of Clovia said “Clovia has been growing at almost 100 per cent every quarter over the last year. In IvyCap Ventures, we have found a perfect partner to sustain the hockey stick growth curve, stick to the customer-first fundamentals and work faster towards becoming the number one lingerie and sleepwear brand in India.”
She further said “We have seen unprecedented growth in the lingerie and sleepwear segment in the last couple of years. For a country of 1.2Bn people, there’s hardly any choice when it comes to fashion innerwear. The brand, launched primarily to cater to this need, has been growing at almost 100% every quarter over the last year.”
Vikram Gupta of IvyCap Ventures said “We strongly believe several niche e-commerce verticals remain relatively untapped in India. Players with high degree of control over the entire customer experience – in this case, right from sourcing of fabric, to manufacturing, to customisation and recommendations based on deep understanding of the customer, to own-portal sales – will create the next wave of value creation in e-commerce in the Indian context. “
IvyCap Ventures is a venture capital firm focuses on investing in healthcare, education, food based business, technology, ecommerce and mobile commerce domains. The venture capital firm invests in the range of $4 to $5 million in the startups and also picks up equity stake in the companies.
The company plans to use the funds for the growth of its foot prints globally, in terms of product innovation and extensions, marketing, recruitment and capacity utilization.
According to global estimates online lingerie market in India is set to grow at a CAGR of 42.32% over the period of 2014-19. The lingerie retail market in India is around Rs. 15,000 crores. Due to higher penetration of internet, scenario has changed. Indian women invests considerable amount of time with the latest fashion trends which has fuelled interest in apparels including lingerie.
Brands like Enamor, Jockey, Lovable, Amante and Bwitch along with many smaller brands have given to rise to the interest. Apart from this dedicated lingerie ecommerce players like Zivame.com and PrettySecrets are providing wide range of products online. These companies are in hunt of funding and speculated of raising funds around $25 million and $10 million.
Clovia has to compete with competitors like Cilory, HerStyle, PrettySecrets, Zivame and others. In fact Zivame has secured funding from IDG Ventures, Unilazer Venturs, Kalaari Capital and Ronnie Screwwala of UTV.