Indian lingerie startup Clovia raises $4 million

Indian lingerie startup Clovia raises $4 million

Lingerie brand Clovia has raised $4 million from its current and new investors including Singularity Ventures and former Bennett Coleman & Co CEO Ravi Dhariwal. It will use the newly-raised capital to boost marketing and product and development efforts. Part of the funding will also go towards expanding Clovia's sales channels.Founded in 2013 by Neha Kant, Pankaj Vermani and Suman Chowdhury, the NCR-based company manufactures its products and sells them on the Clovia website, other e-commerce platforms and offline channels.

Other e-commerce channels account for 50% of the total sales, and offline channels 15%. CEO Vermani told TOI that the company grew 200% last year and is on its way to becoming EBITDA positive in a few months.

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