Total amount raised
$22.7 Millions
Latest funding date
12/01/2020
Location
Clovia has successfully raised funding through multiple rounds, with its latest being a Series C round closed on December 11, 2020. The company has attracted a diverse group of investors, including Golden Birch Investments and She Capital.
Clovia's journey in the lingerie and personal care market has been marked by significant milestones, including its acquisition by Reliance Retail for ₹9.5 billion on March 20, 2022. Keep reading to explore the intricacies of Clovia's fundraising journey and the investors backing this innovative platform.
What Is Clovia?
Clovia, founded in 2012, is a full-stack lingerie brand based in Noida, Uttar Pradesh, India. The company designs, manufactures, and sells a wide range of lingerie, nightwear, activewear, shapewear, and personal care products.
Founded by Neha Kant, Pankaj Vermani, and Suman Chowdhury, Clovia emphasizes quality control, customer feedback, and innovation in its product offerings. The brand also caters to men's innerwear and kids' nightwear.
With a workforce of 251-500 employees, Clovia continues to expand its product range, including its personal care brand, Skivia, which offers skincare, haircare, and body care products.
How Much Funding Has Clovia Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: January 2013
- Lead Investors: Mountain Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and develop initial product offerings.
- Series A
- Amount Raised: ₹300M (approximately $4M)
- Date: June 2015
- Lead Investors: IvyCap Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand product lines.
- Series B
- Amount Raised: $4M
- Date: April 2017
- Lead Investors: Ravi Dhariwal, Singularity Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance market reach and improve operational capabilities.
- Series C
- Amount Raised: $10M
- Date: January 2019
- Lead Investors: AT Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth expansion and product innovation.
- Series C
- Amount Raised: $4M
- Date: December 2020
- Lead Investors: Golden Birch Investments, She Capital
- Valuation at Round: Nearly $43M
- Motivation Behind the Round: To boost product marketing, cover development costs, and expand sales channels.
Clovia has raised a total of $22M in funding. The current valuation is nearly $43M.
Key Investors
- Golden Birch Investments
- Details: Golden Birch Investments is a prominent investment firm. Specific details about the firm are not provided in the sources.
- Investment Focus Areas: Not specified.
- Notable Investments: Not specified.
- She Capital
- Details: She Capital is a venture fund founded by Anisha Singh, who has joined Clovia’s Board of Directors. The fund focuses on supporting women-centric businesses.
- Investment Focus Areas: Women-centric businesses.
- Notable Investments: Clovia.
- AT Capital
- Details: AT Capital is a Singapore-based investment firm. It participated in Clovia's Series C funding round in January 2019.
- Investment Focus Areas: Not specified.
- Notable Investments: Clovia.
- IvyCap Ventures
- Details: IvyCap Ventures is an early investor in Clovia. The firm has participated in multiple funding rounds for the company.
- Investment Focus Areas: Not specified.
- Notable Investments: Clovia.
- Mountain Partners
- Details: Mountain Partners is a Zurich-based investment firm. It was an early backer of Clovia.
- Investment Focus Areas: Not specified.
- Notable Investments: Not specified.
What's Next for Clovia?
Clovia stands at the cusp of significant growth opportunities, driven by its expansion into new product categories and international markets. The company aims to double its customer base in the next two to three years, leveraging its strong online presence and proprietary customer data analytics.
Future fundraising rounds are likely as Clovia continues to innovate and scale its operations. The company’s recent funding will support these efforts, but additional capital may be needed to sustain its ambitious growth plans and international expansion.
However, Clovia faces challenges such as intense competition from well-funded rivals and the need to maintain profitability while scaling. Navigating these hurdles will be crucial for the company’s sustained success.
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