Bangalore: An online marketplace for ethnic products, Craftsvilla.com raises Rs.110 crore in Series B funding led by Sequoia Capital along with its existing investors - Nexus Venture Partners, Lightspeed Venture Partners and GFC. The company will utilize the fund to enlarge its geographical reach and to expand its team across India. It will also upgrade its technology platform and boost its mobile presence.
Founded in 2011 by Monica Gupta and Manoj Gupta, India’s online marketplace for ethnic products, Craftsvilla.com offers handcrafted, vintage, ethnic, organic and natural products. The company aims to become the destination for ethnic products globally. Being one of the quickest rising online marketplaces for ethnic items, Craftsvilla.com encloses more than two million unique products from more than 12,000 artisans and designers from corner to corner. The company has been clocking Rs.300 crore in GMV by the end of the year.
Operating in the $30 billion ethnic apparel and products market, Craftsvilla.com competes with Bengaluru based Caravan Craft Retail & an ethnic wear brand, Mumbai based Artisangift, MotherEarth and many more. Today, the company is seeded by Nexus Venture and Lightspeed Venture to expand operations within India as well as in U.S, U.K, Germany and Japan.