BackJaypore raises $5 million from Aavishkaar
Jaypore says it will use the funds for technology enhancement, team expansion and brand building
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New Delhi: Online retail store Jaypore E-Commerce Pvt. Ltd Friday said it has raised $5 million from social venture capital firm Aavishkaar. It will utilize the funds for technology enhancement, team expansion and brand building.
The news was first reported by The Economic Times on Friday.
“We are encouraged by the multi-fold increase in demand from our audience in the current year, and will continue to focus on expanding the product offering including our own Jaypore private label. The funds secured now will be used primarily for investment in scaling up the technology platform, hiring quality talent and brand building," said Puneet Chawla, chief executive officer of Jaypore in a statement.
Founded in 2012 by Shilpa Sharma, an independent consultant for retail startups and former head of product development of Fab India and Chawla, former product manager of SherSingh.in, Jaypore was initially backed by angel investor and former chief executive officer of Network18, Haresh Chawla. He invested ₹ 3 crore in 2012 in the company.
The website offers apparels, accessories, sarees, jewellery, home textiles and art pieces on its platform.
It offers collections by partnering with artisans, textile designers and independent artists. It is trying to give the traditional Indian craft a contemporary twist to cater to a wider audience.
Jaypore competes with NDTV Ethnic Retail Ltd, a subsidiary of media group NDTV that owns and operates e-commerce venture Indianroots and Craftsvilla Handicrafts Pvt. Ltd, which runs online store for ethnic jewellery and apparel Craftsvilla, among over half a dozen other startups who sell ethnic wear online.
“Given the strong founding team, highly efficient execution, along with a clear focus on unit economics and a distinctive and beautifully curated product range which differentiates it from the marketplace model, we believe Jaypore is uniquely positioned to cater to the discerning global consumer," said Noshir Colah, partner at Aavishkaar.
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