In a second round of funding by Sequoia Capital, Craftsvilla, a Mumbai-based online marketplace for ethnic products, has raised $18 million.
In this round of funding, existing investors Nexus Venture Partners and Lightspeed Venture Partners participated in the round along with new investor Global Founders Capital, a venture capital fund backed by Rocket Internet's Samwer brothers.
Including the latest round of funding, the Craftsvilla has so far raised $20 million. The company had raised an early stage capital from Nexus and Lightspeed about four years ago. With the fund, the company - founded by Manoj and Monica Gupta - plans to grow its team and scale its technology platform. It aims to grow to 10 times its current size by the end of the current year with 20 million products on its platform. It claims to currently offer close to 2 million unique products on the platform sourced from more than 12,000 artisans and designers.
"We are now facilitating over 100,000 transactions per month and growing rapidly," said Co-founder and COO Monica Gupta."Craftsvilla has been growing rapidly below the radar, and has now become the leading eCommerce marketplace for ethnic products in India," said Shailendra Singh, Managing Director, Sequoia Capital India.
Ethnic products is an emerging vertical within the overall eCommerce sector and currently has less than a handful of players. Apart from Craftsvilla, others in the space include Artisangilt and Craftshopindia.