Online marketplace for ethnic products Craftsvilla.com has recently announced that it has secured USD 34 million in Series C funding led by Sequoia India and Lightspeed Venture Partners, with participation from Nexus Venture Partners, Global Founders Capital and Apoletto.
The company plans to utilise the funds to build world-class engineering and product capabilities, enhance customer care, while scaling rapidly in the ethnic category to reach USD500 Million GMV in the next 12 months.
“Our aim is to continue to dominate ethnic products e-commerce by building world-class products and technology that will allow us to scale to USD500M GMV in next 12-18 months and become one of the best performing online marketplaces in India at that scale,” Manoj Gupta, CEO & Co-founder of Craftsvilla.com, said in an official release.
“We believe we are one of the leanest and most capital efficient online marketplaces in India with best demand and supply side metrics,” he added.
Founded in 2011, Craftsvilla connects customers with over 25,000 artists and designers across India through its website and mobile app. The firm claims to be the sixth largest e-commerce company in India by GMV.
“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 to grow Craftsvilla to the next level,” Shailendra Singh, Managing Director, Sequoia Capital India Advisors, said.
Craftsvilla claims to reach more than a million customers everyday through its website and mobile app. It is currently registering over six-fold YoY growth.