Craftsvilla raises funds from Sequoia Capital

By | April 24, 2015

Craftsvilla-Main-1st FeatureCraftsvilla raises funds from Sequoia Capital and venture capitalists. Craftsvilla is an online webstore sells handcrafted and green crafted products. The company vision is to create a leading Indian global online brand in handicraft space. Craftsvilla designs, produces, markets and sells own products apart from marketing other premium brands.

Craftsvilla uses marketplace model to capture the regional variations of India. They connect local artisans and designers directly to the customers globally and in turn increase their livelihood, by removing middlemen. The company helps the artisans to create and promote their brand, in turn preserve our culture, traditions and values.

The company is going after the massive market of ethnic apparels and products in India. As we know, Indian market is highly fragmented across a very large supplier base. There is a need of specialized vertical player which can tap this market. Craftsvilla has achieved tough part of creating platform to scale and the quality of the business is reflected in terms of business generated.

Craftsvilla-Main-3rd FeatureCraftsvilla has maintained a health marketing spend of 10% of sales at the same time revenue has grown 4 times in last six months. They have an active seller base of 12,000+ artisans who manage and upload an inventory base of around 2 million SKUs on the platform.

The company was founded in 2011 by husband and wife Manoj Gupta and Monica Gupta along with Bhavik Jhaveri, Sarvajeet Chandra and Tirath Kamdar.

Manoj Gupta is the Chief Executive Officer and co founder of the company. He has very rich entrepreneurial experience along with high educational qualifications. He graduated in Bachelor of Technology in Engineering from Indian Institute of Technology, Bombay in 1998 and went on to do Masters of Science in Electrical Engineering from University of Illinois. He has PhD in Electrical and Electronics Engineering from University of California, San Diego. In 2007 he did his Masters of Business Administration from Indian Institute of Management, Ahmedabad.

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He started his career in 2000, joined as design engineer in Siliconwave. He developed Bluetooth chipsets and associated firmware. He worked with the company for 14 months and founded Waterford Institute of Technology. He was instrumental and played significant role in designing very complex Bluetooth and WIFI systems. The company was acquired by Chrontel in 2003.

In 2003 he moved to Chrontel as Team Lead worked on digital TV systems and published several papers on the same. He worked with the company for 3.1 years and moved to Nexus Venture Partners as Principal in the company in 2007. Apart from this he was board member of Deccan Healthcare and board observer of SEDEMAC Mechatronics,, Sohanlal Commodity Management, and till 2011. After founding Craftsvilla in 2011, he founded Dreamers Early Stage Fund in 2013.

Monica Gupta is the founder of Craftsvilla. She has been honoured with Karmayogini Award 2012 constituted by Maharashtra Government. Monica is a Chartered Accountant and has done Masters in Accounting from San Diego State University in 2006. She joined her husband Manoj Gupta in founding Craftsvilla.

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Craftsvilla has raised total funding for $19.5 million from leading PE investors like Nexus Venture Partners, Lightspeed Venture Partners and Sequoia Capital.

Speaking after raising funds, Manoj Gupta, CEO & Founder of Craftsvilla said “We started Craftsvilla with the objective of providing people across the globe a way to reconnect with their roots. Today, we are one of the fastest growing e-commerce companies in India with a profitable business model. We are excited to partner with Sequoia and get the benefit of their company building experience in taking Craftsvilla to new heights.”

“We are now facilitating over 100,000 transactions per month, and growing rapidly. This Series B funding will help us in building a brand, and in investing in technology to serve our merchants and customers better. We are aspiring to be 10x our current size by the end of this year, with 20 million products on our platform,” said Monica Gupta, COO and Founder of Craftsvilla.

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Nexus India Capital’s Managing Director Sandeep Singhal said “ has brought the traditionally disorganised ethnic craft industry on to a structured platform and has enabled micro-entrepreneurship at a scale here so far not seen in this sector.”

Craftsvilla has become one of the Top 5 ecommerce companies in India on the GMV scale and has grown 4X in scale for the last 6 months amidst the frenzy of ecommerce funding in India.

Author: Venu V

i look for minute details, whatever i do. Avid reader, read lot of Hindu mythology, Technology and General news. Extreme foodie and like to taste new types of vegetarian food. Travel a lot, like to explore new places which are not explored by anyone. Participate in adventure sports like river rafting, grappling and hot air ballooning.