# Purple Panda Fashions Pvt

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/purple-panda-fashions-pvt

- Industry: Retail
- Headquarters: New Delhi, India
- Website: www.clovia.com
- Total disclosed funding: $19M
- Latest round: Series B (Nov 30, 2019)
- Investors on record: 8

## About

Purple Panda Fashions Pvt Ltd. is a full-stack lingerie brand specializing in intimate apparel and personal care products for women, emphasizing comfort and style across a wide range of sizes.Founded in 2012 in New Delhi, India, Purple Panda Fashions Pvt Ltd. operates under the brand Clovia, which offers a comprehensive selection of women's lingerie and personal care items. The company was co-founded by Abhay Batra, Neha Kant, Pankaj Vermani, and Suman Chowdhury, with Pankaj Vermani serving as the CEO. In March 2022, the company underwent a significant strategic shift when Reliance Retail Limited acquired an 89% majority stake in Purple Panda Fashions Pvt Ltd. from various investors for INR 9.5 billion. The acquisition is aimed at expanding Reliance Retail's presence in the innerwear segment.Clovia operates as a full-stack lingerie brand, offering a diverse range of intimate apparel and personal care products designed specifically for women. The company's core product offerings include bras, panties, nightwear, shapewear, and activewear, with an emphasis on comfort, style, and variety. Clovia’s products are tailored to meet the unique needs of various body types across 50+ sizes, addressing issues such as fit, modesty, and support. The brand has expanded its lineup to include personal care items under the Skivia label, which encompasses skincare, haircare, and body care solutions. Clovia targets women in India and has also recently ventured into men's and children's wear, expanding its market reach beyond female consumers. The company’s products are sold primarily through its online platform, as well as in select retail stores across India, allowing customers to shop conveniently from home or in-person.In the most recent fiscal year 2023, Clovia reported a revenue of INR 36,346,722.30, while their EBITDA amounted to -INR 8,346,875.10. Clovia generates revenue through direct-to-consumer sales primarily via its e-commerce platform, complemented by sales in physical retail locations. The company's pricing structure is strategically designed to offer affordable yet premium products, with a focus on high-quality lingerie and personal care items. Customers can purchase individual items as well as combo packs, which incentivize bulk purchasing at competitive rates. Clovia's flagship products, such as its diverse bra range, are marketed alongside promotional offers, enhancing customer engagement and driving sales. The company also promotes subscription-based models for personal care products, aimed at encouraging repeat purchases and customer loyalty. Overall, Clovia's transaction framework relies on direct sales to end consumers, enabling a streamlined approach to inventory management and customer satisfaction.Going forward, Clovia aims to enhance its product lineup by launching new collections designed specifically for various demographics, including upcoming releases of seasonal lingerie lines. The company is also planning to expand its market presence into tier 2 and tier 3 cities across India by the end of 2024, utilizing recent funding to bolster its supply chain and marketing efforts. The INR 9.5 billion acquisition by Reliance Retail Limited will support these initiatives, enhancing Clovia's capabilities in the innerwear segment and facilitating further growth.

## Funding rounds

- Series B, Nov 30, 2019, $2.7M — IvyCap Ventures Group, She Capital, Golden Birch Investments, Baaya International
- Series B, Jan 28, 2019, $4M — Japonica Partners, IvyCap Ventures Group
- Series B, Jan 25, 2019, $10M — IvyCap Ventures Group, AT Capital
- Series A, Mar 21, 2018, $0.8M — IvyCap Ventures Group
- Series A, Jul 21, 2016, $1.7M — Singularity AMC, Mountain Partners, IvyCap Ventures Group
- Seed, Jul 23, 2014, $0.1M — Mountain Partners

## Investors

- Mountain Partners (https://capitalatlas.ai/funds/mountain-partners) — Seed, Series A
- Singularity AMC (https://capitalatlas.ai/funds/singularity-amc) — Series A
- IvyCap Ventures Group (https://capitalatlas.ai/funds/ivycap-ventures-group) — Series A, Series B
- AT Capital — Series B
- Japonica Partners — Series B
- She Capital (https://capitalatlas.ai/funds/she-capital) — Series B
- Golden Birch Investments — Series B
- Baaya International — Series B