Online lingerie brand Cloe becomes Clovia; raises Series A funding

NEW DELHI, INDIA: Purple Panda Fashions Pvt Ltd, which runs and owns Clovia (formerly called Cloe), a online-first lingerie and sleepwear brand in India, has raised Series A round of funding from IvyCap Ventures.

The funding for aggressively growing its footprint globally, product innovation and extensions, marketing, team development and fulfillment capacity. As a part of their international expansion plans, the company also announced a change in their brand name from Cloe to Clovia, effective immediately.

“We have seen unprecedented growth in the lingerie and sleepwear segment in the last couple of years. For a country of 1.2Bn 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% every quarter over the last year,” said Neha Kant, Founder of Clovia.

Neha further added that the name change is part of a re-branding initiative to better align the company’s name with its future strategy and product roadmap.

As part of the deal, Vikram Gupta, Founder and Managing Partner at IvyCap will shortly be joining the board of Purple Panda Fashions on behalf of IvyCap Ventures.

Founded by husband-wife duo Neha Kant & Pankaj Vermani along with friends Suman Choudhry and Aditya Chaturvedi in 2013, and incubated at Mountain Apollo India, Clovia, has been an early mover and one of the fastest growth stories in the online lingerie space.