The E-Commerce market of India is going through various modifications nowadays especially in terms of investment. Craftsvilla is one of the latest startups to pull cash from investors as the ecommerce site has introduced a new line of ethnic wears. Ethnic product supplies in Craftsvilla can be compared directly to Etsy that offers awesome western wears. Recently, Craftsvilla declared that Sequoia Capital will lead $18M series B funding round along with inclusion of participation from Lightspeed Venture Partners, Nexus Venture Partners and Global Founders Capital.
Craftsvilla is based upon Mumbai, founded in 2011 by CEO Manoj Gupta. He had already some investment in Snapdeal and later realized the rapid growth in Ecommerce so he decided to become an entrepreneur himself. He stated in an interview that the concept of developing this Ecommerce site is based upon the rich and diverse culture of India. Numerous cultural products are there in the country to deserve special attention but bringing all of them on a platform together could not become possible ever. Keeping this fact on mind, Craftsvilla has been introduced with a new range of ethnic products.
Reviewers even don’t hesitate t compare Craftsvilla with US based Etsy but it is very different from the US based firm. Gupta states that Etsy is based upon the home-made products while Craftsvilla is everything about showcasing all the catchy ethnic stuff such as handicrafts, jewelry, saris, spiritual products and long frock suits. Further he states that the objective of introducing this new range of ethnic products online is to present ethnic in an innovative manner. The tagline for the range of ethnic products in Craftsvilla is ethnic is cool.
The firm is representing over 2 million products from about 12K merchants who are planning to grow the number in organic manner without any marketing expenditure. Customers who are taking interest in shopping of these ethnic products involve 95 percent Indian customers out of which 90 percent are female. An international sale really becomes trickier when it comes upon the logistics and additional costs.
Gupta states that the vision behind set up of this firm is big and it is believed that it has great potential to grow beyond Asia and other leading parts of the world along with maintenance of local focus always. He states that establishment of Craftsvilla is not based upon the global target; Indian customers are always the primary focus. The firm plans to earn up to $20 million GMV per month by the end of this year but currently it is earning about $4 to 5 million GMV per month.