In what is yet another sign of investor confidence in India’s nascent but surging ecommerce segment, lingerie and women innerwear e-seller Clovia has scored a fresh $4Mn “post Series-A” round of investment from current and a few new investors.
New investors joining in the company include Singularity Ventures and Mr. Ravi Dhariwal, an industry stalwart and former BCCL (owner of The Times Of India and other news brands) CEO. Clovia will utilize the funds for marketing and boost product and technology development, in addition to expanding sales channels.
Clovia CEO Pankaj Vermani commented,
We are excited to welcome new Investors in Clovia. We’re extremely excited to learn from experiences of the likes of Ravi who’ve developed some of the biggest consumer businesses in the country.
Along with the announcement of this fresh round, Clovia has also given us numbers to think upon. The website is receiving close to 1.5 Million PVs a month and is witnessing 80% of its sales via its mobile website and app. And while the company claims ‘exponential strides’, those numbers aren’t particularly impressive when it comes to the ecommerce domain.
However, what still sets Clovia apart, is the company’s ability to later perhaps expand into offline retail as well, largely because it produces its own products. Backed by its technology backbone including its proprietary customer data analytics that foresees sales trends and plans production planning, Clovia offers nearly 200 styles per month with best working capital ratios in the industry. The upstart claims, that over 75% of its inventory is fresh and less than 45 days old.
The 2013 founded company has so far raised close to $8.6 Million in investments till date.