Clovia, India: Ivy Cap-backed Clovia to launch overseas ops in Nov, eyes SEA expansion next year

India: Ivy Cap-backed Clovia to launch overseas ops in Nov; eyes SEA expansion next year

Noida-based lingerie and sleepwear brand Clovia, backed by Ivy Cap Ventures and Mountain Partners AG, is ready to officially launch its overseas operations next month. The company plans to start its overseas expansion in India's neighbour Nepal before it ventures into other Asian regions, Pankaj Vermani, Co-Founder, and CEO of Clovia told DEALSTREETASIA. “Nepal is the first territory, it is much smaller but a very relevant to Indian brands. We are in the process of partnering with one of the biggest business houses there,” he said.

The company sells through both online and offline distribution channels, and plans to deploy the same strategy in Nepal as well. Clovia has been testing markets outside of India and done a pilot run in Thailand for six months last year. “There is a lot of testing that we have done. We got Clovia Thailand in place, we hired an entrepreneur and ran it for six months as a pilot, and it did very well.So, we are still exploring that,” Vermani said.

According to Vermani, the Thailand pilot project revealed that south east Asian countries would required a separate supply chain to be established, therefore plans for entry into the region were deferred. “Southeast Asia is something which is very exciting for us. Indonesia is a another region that we are evaluating,” he said adding that any expansion in that region would take at least six more months.

Clovia, run by Purple Panda Fashions Pvt. Ltd, designs and manufactures its own line of lingerie. In India, Clovia competes with IDG Ventures and Kalaari Capital-backed market leader Zivame, which has raised about $50 million and RB Investments-backed PrettySecrets, which also sells its own line of apparel. In April, it the company had raised $4 million from Singularity Ventures and Ravi Dhariwal, the former chief executive officer of publishing house Bennett Coleman & Co. Ltd. The round also saw participation from existing investors. Prior to this it had raised $4.6 million in its Series A round.

While the company prefers to rope in local partners for its international expansion, it is also actively looking at inorganic growth routes. “Those options are always open. We have evauated some very serious opportunities in the past and we will continue to do that, as long as it is aligned with us. Anything which provides a complimentary value to what we are doing,” said Vermani.

Related Articles
Leave a Comment