Thevasa, contemporary design-led omnichannel handicrafts, and apparel D2C start-up has clocked its first round of external investment led by Singapore-based VC fund, M Venture Partners (MVP). The funding also saw participation from 35+ leading angels and experts including many prominent founders from the D2C space.
The funds raised will be used to collaborate with artisans to develop new handmade fashion and home decor products, brand building, develop an integrated omnichannel solution, scale operations and expand distribution channels. The brand is aiming for>200 percent y-o-y growth.
Thevasa is founded by husband-wife duo, Himanshu Wardhan, and Neha Kalra with the goal of bringing India's artisanal tradition to the fore. Himanshu Wardhan’s inspiration to contemporize Traditional Indian crafts thereby making them commercially viable, stemmed from his experience of enabling thousands of artisans in the last few years while leading Etsy India business. He plans to exploit his learnings of being a creative business professional, to make Thevasa a unique brand.
Thevasa is fast emerging as a trendy lifestyle brand that brings back Indian crafts with heartfelt design, developing a fresh shopping experience for the modern Indian. In the next three to four years, the firm is targeting exponential omnichannel growth by adding more than 100 EBOs and investing in the online platform thevasa.in. Thevasa aims to be the largest contemporary lifestyle brand promoting Indian handicrafts and the apparel sector. The brand is looking to expand to other handicraft categories further like home furnishing and home decor in addition to ceramics.
The funding was led by Singapore-based VC fund, M Venture Partners (MVP), and investment from 35+ investors such as Dhyanesh Shah the Co-founder of Mosaic Wellness, Amit Lakhotia the Founder of Park+, Yogesh Chaudhary the Director and Owner of Jaipur Rugs, Amanpreet Bajaj GM of Airbnb India, Southeast Asia HK and TW, Bala Sarda the Founder and CEO of Vahdam India, Hitesh Dhingra the Founder of The Man Company, Ashish Goyal and Akshay Mehrotra the Founders of Early Salary, Ananya Tripathi the CEO of WhiteHat Jr, Gunjan Shukla the CFO of OLX Autos and Emerging Markets at OLX Group; Ex-PayPal India CFO, Rishi Jaitly professor of Virginia Tech and Ex-CEO Times Bridge and Twitter India APAC VP.
Himanshu Wardhan, Co-founder, Thevasa said, “Everything Indian and anything that makes us think of our own Vasa was first the focus of Thevasa (Sanskrit for home). Our extensive travels have made us aware of how little we know about this country. We have worked hard to establish ourselves as a modern lifestyle company that revitalizes Indian crafts through cutting-edge design and develops fresh shopping opportunities for the urban Indian. This funding will make it possible to closely collaborate with artisans to provide customers, with modern designs at reasonable prices. This will also assist us in geographically expanding to southern and western India and in developing a cutting-edge retail environment for handcrafted Indian goods.”
Hiran Embuldeniya, CIO and Partner of M Venture Partners (MVP) said, “When we met Himanshu and Neha, we were impressed by their strong operator DNA, comprehensive market knowledge of the Indian handicrafts sector, and bold vision. Thevasa has committed to showcasing the Indian artisanal workmanship by building a digital-first lifestyle brand for the modern Indian consumer.''
Presently, the brand collaborates with craftspeople all around India, fusing and experimenting with traditional design methods and amalgamating contemporary aesthetics and forms. Thevasa aims to produce designs that make daily life enjoyable. The brand meets the diverse demands of discerning customers with its line of minimal, vibrant, fresh everyday wear. The design team at Thevasa works closely with craftspeople on every stage of the production process, from drawing specific features to choosing the fabric, embroidery, and cut.