 "Craftsvilla.com raises 100 crore in Series-B funding")
Craftsvilla.com, an online marketplace for ethnic products, has secured $18 million in Series B funding led by Sequoia Capital. Nexus Venture Partners, Lightspeed Venture Partners and GFC also participated in the round.
The company plans to utilise the funds to grow its team in India, and to invest in scaling its technology platform as it embarks on its next phase of growth.
Craftsvilla.com offers close to 2 million unique products from more than 12,000 artisans and designers across the country.
Speaking about the funds raised, CEO & Co-founder of Craftsvilla.com, Manoj Gupta 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 COO & Co-founder of Craftsvilla.com, Monica Gupta.
“Craftsvilla.com 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," said Sandeep Singhal, Managing Director, Nexus India Capital Advisors.