The diversification of the luxury goods segment, propelled by ever-increasing consumer demands has resulted in a huge boom in the ethnic products sector. Online marketplace for ethnic products Craftsvilla looks set to make it big in this sector. The company, set up by Manoj and Monica Gupta in 2011, raised $34 million in Series C funding from a round led by Sequoia India and Lightspeed Venture Partners. This round also saw participation from NexusVenture Partners, Global Founders Capital and Apoletto. The company is expected to use the funds for an overall scaling-up of its products, besides using the latest engineering facilities to expand its already hugely diverse range of products.
About Craftsvilla and its products
A variety of ethnic products can be accessed on the Mumbai-based company’s online portal, ranging from Indian crafts and Jewellery to woodcut books and musical instruments. All the products contain excellently detailed previews, with discount amounts clearly specified and special offers highlighted. Thus, Craftsvilla aims at catering to the diverse tastes of the budget customer. The range of products is truly eye-popping ; as many as 20 categories of ethnic sarees are available, with some of the most notable ones being Leheriya, Jacquard, Uppada, Handwoven and Heavy Work. The ethnic accessories segment is also worth a watch, with products available for people of all ages, and even pets. All products can be classified according to their prices.
The bottom line
Craftsvilla’s investors appear to be just as impressed as we are, and Sandeep Singhal, Founding Partner of Nexus VenturePartners believes that Craftsvilla’s bold aim of creating an ethnic empire is certain of meeting great success. With key competitors Indian Roots and Jaypore also having raised significant amounts of funding in the recent past, Craftsvilla is looking set to up the ante in the hope of achieving its ambitious aim of a $500 million GMV.
Visit Craftsvilla’s excellent online marketplace here.