Craftsvilla, an Indian online marketplace for ethnic products has announced it raising $34 million in Series C round of funding led by existing investors Sequoia India and Lightspeed Venture Partners along with Nexus Venture Partners, Global Founders Capital and Apoletto. This round has increased the company’s value to $200 million.
Founded in 2011 by Monica Gupta and Manoj Gupta, Craftsvilla is a Mumbai-based online ethnic marketplace with around 3.5 million unique products sourced from 25,000 artisans and designers across the country. It deals with various items like unique handmade, handcrafted apparel, jewellery, bags, home decor items etc., Through its website and mobile app, the startup claims to reach more than a million customers every day. Kribha Handicrafts, that operates Craftvilla.com is looking at $120 million in gross merchandise value or GMV annual run rate. Gupta said, ” We are looking at a valuation of at least a billion dollars in the next 12-18 months before we go public. Our aim is to hit $500 million in GMV over the next one year.”
With the fresh influx of funds, Craftvilla plans to implement better marketing strategies to attract customers and to expand into more international territories having entered Malaysia and set to launch in Indonesia soon.
Shailendra Singh, managing director of Sequoia Capital India Advisors said, “Craftsvilla empowers small household manufacturers of ethnic apparel and products to sell their products to customers across the world. Craftsvilla has risen to category leadership in the ethnic space with a lean marketplace model that has scaled in an unusually capital-efficient manner. We are excited to continue to back them as they grow to the next level.
Craftsvilla is not the only player in the market. It competes with Mumbai’s Artisangift, Bengaluru’s Caravan Craft Retail and Bengaluru’s ethnic wear brand MotherEarth among others.