Noida-based company Clovia witnessed a revenue of Rs 295.5 crore in FY23. The same year its expenses amounted to Rs 376.4 crore while it saw a loss of Rs 80.9 crore. As compared to FY22, it saw a growth in revenue and expenses from Rs 171 crore and Rs 223.7 crore respectively. The year saw a loss amounting to Rs 52.2 crore. It has a current valuation of Rs 315 crore.
Clovia saw a revenue of over Rs 290 crore coming in from operations in FY23, a rise as compared to the Rs 170 crore it recorded in FY22. Of the total expenses it incurred during the year, an approximate Rs 160 crore was spent in material costs and close to Rs 120 crore spent on advertising and promotional costs. In FY22, advertisement and promotional costs and employee benefits cost took up the top two spots from the total expenses.
Clovia was established in 2012 by trio Neha Kant, and Pankaj Vermani, and Suman Chowdhury. It initially started with woman’s innerwear and expanded to products catering to women’s hygiene and personal care like sleepwear, loungewear, activewear, shapewear and personal care. The Reliance Retail owned company sells its products through direct sales channels and partner websites like Myntra, Jabong, Flipkart and Amazon among others.
To date, it has raised a total of Rs 177.6 crore over 4 funding rounds. Its latest round in December 2020 raised Rs 29.5 crore and saw support from the likes of She Capital, Golden Birch Resources, Vinit Asher, Ajay Jaysingh Anjaria and others.
Post the round, IvyCap Ventures was the largest shareholder with over 30% shares while co-founders Neha Kant and Pankaj Verma hold close to 9% and over 5% respectively.
It competes against companies in the industry like Prettysecrets, Freecultr, and Zivame.