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Purple Panda Fashions Pvt Ltd, which runs online lingerie brand Clovia (formerly called Cloe), has raised an undisclosed amount in Series A funding from IvyCap Ventures.
As part of its international expansion plans, the company also announced a change in its brand name from Cloe to Clovia.
With immediate effect, Clovia plans to use the fund for aggressively growing its footprint globally, product innovation and extensions, marketing, team development and fulfillment capacity.
Clovia was founded by husband-wife duo Neha Kant and Pankaj Vermani along with friends Suman Choudhry and Aditya Chaturvedi in 2013, and incubated at Mountain Apollo India.
Speaking on the occasion of the announcement, Neha Kant, Founder of Clovia, said, “We have seen unprecedented growth in the lingerie and sleepwear segment in the last couple of years. For a country of 1.2 billion 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 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 #1 lingerie and sleepwear brand in India.”
Neha further added, “The name change is part of a re-branding initiative to better align the company’s name with its future strategy and product roadmap.”
Fashionable lingerie and sleepwear e-commerce is one of the fastest growing market segments within the larger apparel market in India.
Clovia has taken an early head start in the space, carving for itself a strong brand position in the space in a short span of time since inception through innovative and bold designs and affordable pricing. It boasts of one of the widest variety of designs across price points and quickest mind-to-market processes among similar players in the category, and significant repeat buying behaviour, the company said.
Vikram Gupta, Founder and Managing Partner at IvyCap, will shortly be joining the board of Purple Panda Fashions Pvt. Ltd. on behalf of IvyCap Ventures.
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