21 March 2022, Mumbai:
Reliance Retail Ventures (RRVL) has acquired an 89 percent stake in online lingerie retailer Clovia for Rs 950 crore.
The deal includes primary investment and secondary share sale, according to a statement by the company on March 20.
The founding team and management of Clovia will own the rest of the stake in the firm/ Clovia is the third online lingerie retailer acquired by Reliance Retail after Zivame and Amante.
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Started in 2013 by Pankaj Vermani, Neha Kant, and Suman Choudhary, Clovia offers over 3,500 product styles.
The deal comes after Reliance Retail Ventures led a $240 million funding round in Dunzo, picking up a 25 percent stake in the Bengaluru firm.
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Reliance Retail Ventures is an unlisted public company incorporated on December 13, 2006.
It is classified as a public limited company and is located in, Maharashtra. Its authorized share capital is Rs 25,000.00 crore and the total paid-up capital is Rs 6,863.54 crore.
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