Indian lingerie designer and seller Purple Panda Fashions Pvt. Ltd., which runs lingerie retailer Clovia, has bagged $10 million in a fresh funding round.
The round was led by Singapore-based AT Capital with participation from existing backer IvyCap Ventures, which committed about $3 million.
Purple Panda Fashions intends to use the funds to bolster its business in smaller towns and for advancing the company’s product offerings.
In addition, the company will use the capital to launch new product categories, strengthen its team, upgrade its in-house technology, and to advance the brand presence for Clovia in tier-2 and tier-3 towns across India.