Craftsvilla is an Indian e-commerce portal that sells ethnic apparel,[1] footwear, fashion accessories,[2] beauty products, handcrafted home accessories and other ethnic fashion and lifestyle products. The company is headquartered in Mumbai, Maharashtra.[3][4]
| Type of business | Private |
|---|---|
Type of site | E-commerce (Online shopping) |
| Available in | English |
| Headquarters | Mumbai, Maharashtra, India |
| Area served | India |
| Key people | Manoj Gupta (CEO), Monica Gupta (COO) |
| Industry | Internet |
| Products | Apparel, jewellery, shoes, accessories, beauty and home accessories |
| URL | craftsvilla |
| Launched | 2011 |
| Current status | Online |
Overview
editCraftsvilla.com uses an online marketplace model by aggregating artisans, designers and retailers from all over India onto a single platform and connects local artisans and designers directly to global customers.[5][6]
The model focuses on removing middlemen, increasing the livelihood of local artisans and designers, helping them create/promote their brand, and preserve the Indian culture, traditions and values. The company is pegged at around $300–500 million in size.[7][8] The startup claims to have over 25,000 artisans and designers selling over 4 million products. At present, Craftsvilla charges a 20% commission on each transaction excluding service tax.[9]
Partners
editCraftsvilla has tied up with the Ministry of Textiles, Government of India, for e-marketing of handloom products from small weavers. As per this agreement, Craftsvilla has tied up with Weavesmart, an online marketplace that offers handloom weaves from across India.[10]
History
editThe company was co-founded by Manoj Gupta, a venture capitalist, and Monica Gupta in 2011 with funding from India-based Nexus Venture Partners and US-based Lightspeed Venture Partners. The startup was launched with 80 employees and five offices across India. By 2012, the startup completely exhausted the Rs10 crore series-A round of funding, following which it downsized to a 10-member team and continued operations out of a one-room office.
According to an article in Economic Times, the startup saw a 6% month on month growth in 2013 and 2014.[11][12][13][14] In April 2015, Craftsvilla raised $18 million in a series B round of funding from Sequoia Capital India, Lightspeed Venture Partners, Nexus Venture Partners, Global Founders Capital and Apoletto. In November, the startup raised another $34 million in series C funding from the same investors.[15] Following this fresh round of investments, the startup claimed to have seen a 10% month on month growth and hired close to 200 people.[16][17][18][19][20][21] In December 2016, Craftsvilla launched a women's ethnic wear brand ‘Avanya’.[22] In April 2017, Craftsvilla launched its third in-house brand Anuswara in Bengaluru.[23][24]
Acquisitions
editIn February 2016, Craftsvilla acquired on-demand shipping service provider startup Sendd for about $5 million, to strengthen and streamline its logistics capabilities. Mumbai-based Sendd was founded by IIT Bombay Alumni ( Nav Agrawal and two others) in April 2015. The company is backed by Kae Capital, and after acquisition the firm will get an equity in Craftsvilla.[25]
Sendd had its services in Mumbai and was enabling over 1,500 orders a day with average ticket size being INR 160, before getting acquired. The team at Sendd has created a virtual logistics platform, using which any e-commerce company can send its parcels using a number of available courier partners. Apart from Craftsvilla, it has now 10 other clients.[26]
Later in February, Craftsvilla acquired PlaceofOrigin, a marketplace for ethnic foods.[27] The startup, founded by two ex-bankers Sudarsan Metla and Ashish Nichani in 2014, brings together food producers of Indian foods and local specialty foods. In April 2016, the startup acquired women's clothes rental platform F2SO4 in an all-stock deal. [28][29]
Marketing
editIn 2015, Craftsvilla celebrated World Ethnic Day on June 19. It brought in Bollywood actress Vidya Balan as the face of the campaign.[30] In the same year, Craftsvilla launched Miss Ethnic Contest to promote ethnic wear among women. Bollywood actress Kareena Kapoor was the face of this campaign.[31][32][33]
See also
editReferences
edit- ^ "Ethnic wear the hottest fashion trend this festive season | ETRetail.com". ETRetail.com.
- ^ "Women and Jewellery- A flawless combination | The Sequitur". The Sequitur. Archived from the original on 3 June 2016. Retrieved 14 May 2016.
- ^ "Indian E-Commerce: Misled By Bad Data | Huffington Post". Huffington Post.
- ^ "How to Build A Great Retail Brand Online | iamwire". iamwire.
- ^ "E-commerce is changing the fashion industry – it's time to catch up | The Guardian". The Guardian. 6 February 2015.
- ^ "How Indian e-commerce will pan out | The Next Web". The Next Web. 20 February 2016.
- ^ "Ethnic e-tailer Craftsvilla raises Rs 220 crore | The Times of India". The Times of India.
- ^ India, Press Trust of (2 February 2016). "Craftsvilla ropes in Manish Kalra from Amazon | Business Standard". Business Standard India.
- ^ Alawadhi, Neha. "Ecommerce companies say GST will be taxing for customers | Economic Times". Economic Times.
- ^ "E-commerce firms, retail groups boost handloom sales | Business Standard". Business Standard. 27 April 2016.
- ^ "Did all the things a startup shouldn't do: Craftsvilla co-founder Manoj Gupta". The Economic Times. Archived from the original on 9 January 2016.
- ^ "Indian Ecommerce Fastest Growing Market In The World; To Cross $120B By 2020: ASSOCHAM | Trak.in". Trak.in.
- ^ "25 Ecommerce Conversion Hacks to Make Your Website Profitable | Entrepreneur". Entrepreneur. 5 May 2016.
- ^ "How E-Commerce Companies Can Eliminate Pogosticking Behavior and Maximize Add-to-Cart Conversion Rate | Search Engine Journal". Entrepreneur. 9 May 2016.
- ^ "E-commerce boom: Investors turn focus to profitable growth | The Times of India". The Times of India.
- ^ "Foreign investment in ecommerce: New guidelines give clarity but leave room for misuse in name of smart-structuring | Financial Express". Financial Express.
- ^ "How to Build A Great Retail Brand Online | iamwire". iamwire.
- ^ "Funding Galore: Startup Fundings Of The Week [25 April – 30 April] | Inc42". Live Mint. 30 April 2016.
- ^ "6 Smart Ways To Use Website Design To Boost Your eCommerce Prospects | Forbes". Forbes.
- ^ "Moment of reckoning for Indian ecommerce as valuations plummet". ZDNet.
- ^ "FDI in e-commerce: Need clarity on the path ahead | ETRetail.com". ETRetail.com.
- ^ Kumar, Meenakshi. "Avanya a new ethnic brand launched by Craftsvilla". Retrieved 31 October 2017.
- ^ messages.meta_author. "Craftsvilla launches its in-house brand 'Anuswara' in Bangalore". News karnataka. Retrieved 12 October 2017.
{{cite web}}:|last=has generic name (help) - ^ "5 summer fashion ideas from Craftsvilla's Anuswara". femina.in. Retrieved 12 October 2017.
- ^ "Why offline retailers acquire e-commerce companies | Business Line". Business Line. 12 May 2016.
- ^ Shankar, Shashwati. "Craftsvilla acquires virtual logistics startup Sendd, values company at $5M | ETtech". The Economic Times.
- ^ "Craftsvilla Acquires PlaceOfOrigin to Strengthen its Foothold in the Ethnic Market | iamwire". iamwire.
- ^ "India Dealbook: Wipro Ventures invests in Vectra Networks, Craftsvilla buys F2SO4, Shapoor Mistry firm buys stake in STC Power | Deal street Asia". Deal street Asia.
- ^ "Influence and Scope of eCommerce in Tier II and Tier III Cities | iamwire". iamwire.
- ^ "Vidya Balan voices her support for World Ethnic Day | The Times of India". The Times of India.
- ^ "22 times Bollywood took Indian ethnic to Canne | Vogue". Vogue. 13 May 2015.
- ^ "Indian-American creates doll to reflect ethnic diversity | The Times of India". The Times of India.
- ^ "Can Indian Ethnic eTailers Scale Up Globally? | iamwire". iamwire.
