Noida based lingerie portal Clovia (previously moodsofcloe.com) which is owned and operated by Purple Panda Fashion Pvt. Ltd., has raised series A funding from IvyCap Ventures. The exact amount of deal is still undisclosed but as per ET , it should be ranging between Rs 25-30 crore. In 2013, the startup had raised seed funding from Zurich based Mountain Partners AG.
The raised funding will be used for growing Clovia’s footprints globally, marketing, team development and product innovation and extensions. Launched in 2012 by Neha Kant, Suman Chowdhary and Sunanda Agarwal. It offers women intimate apparel, night dresses, and accessories such as leggings, thermals, stockings and gift sets.
IvyCap’s portfolio includes ad technology and analytics company Sokrati, beauty and skincare eRetailer Purplle.com, information risk management firm Aujas Networks among others. It invests in early growth stage ventures in exchange of between 25-35% in each of its portfolio companies.
It competes with players like Zivame, PrettySecrets, Cilory, Straps and Strings, ShopImagine, and BuyUnderCover among others. Also, there are general eCommerce sites which sell lingerie, or have a dedicated section for it, such as Jabong, OyeGirl, Yebhi, LimeRoad, LadyBlush etc.