BackCraftsvilla raises $34 million from Sequoia, others
Craftsvilla will use the funds to enhance its engineering capacity, product portfolio, customer care and launch its private label brand
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New Delhi: Supera Investments Pte Ltd, which runs Craftsvilla, an online marketplace for ethnic products, on Tuesday said it has raised $34 million from existing investors Sequoia Capital India and Lightspeed Venture Partners. Russian Internet billionaire Yuri Milner via DST Global partners’ fund, Nexus Venture Partners and Rocket Internet founders Samwer Brothers’ Global Founders Capital, too, took part in the funding round.
The Times of India first reported the fundraising in its Tuesday edition.
The funds will be used to enhance its engineering capacity, product portfolio, customer care and launch its private label brand. “Our goal is to continue to dominate ethnic products e-commerce by building world-class products and technology that will allow us to scale to $500 million gross merchandise value in the next 12-18 months," said Manoj Gupta, chief executive and co-founder, Craftsvilla.
Founded in 2011 by husband-wife duo Manoj and Monica Gupta, Craftsvilla offers products across categories such as clothing, handicrafts, jewellery, home decor and art.
In January, the firm raised $18 million in a funding round led by Sequoia; in 2012, Nexus and Lightspeed had invested $1.3 million in its Series A round.
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