Indian apparel and accessories portal Jaypore has raised funding worth $4.37 million (Rs 30 crore) from VC firm Aavishkaar, reports VCCircle. It will use the funds for scaling its tech platform, hiring and brand building, along with product expansion of other and private labels.
The company says that the name Jaypore is a ‘phonetic representation of Jaipur’, much like how Singapore is kind of an Anglicised version of Sinhapur. An Iamwire report states that Jaypore plans to launch its Android and iOS apps and claims to do 200-400 transactions daily at an average ticket size of Rs 4,000. It further adds that around 65% of its total orders come through the mobile website.
Going forward, the company also plans to launch its Android and iOS apps. It records between 200-400 transactions daily, with an average ticket size of Rs 4,000 and around 65% of total orders come through its mobile optimized website.
The Delhi based company was founded by Shilpa Sharma, Aarti Jesrani and Puneet Chawla in 2012. It aggregates, curates and sells sarees, jewelry, western clothing, home apparel and phone accessories from artisans, textile designers and independent artists. It ships for free for order values above Rs 999 and charges Rs 100 for orders below that value.
Developments in the online apparel business in India:
– Earlier this month, CraftsVilla, an online marketplace for Indian products, acquired the on-demand shipping service provider Sendd for $4.5 million. In November, it raised Series C funding worth ~ $33.3 million (Rs 220 crore) led by existing investors Sequoia Capital and Lightspeed Venture Partners, with participation from other existing investors.
– In October 2015, NDTV’s online fashion marketplace IndianRoots partnered with Fabindia to sell the latter’s Indian ethnic wear and merchandise. In May, the company raised $5 million funding from KJS Group.
– In the same month, Aditya Birla launched an online fashion portal called abof that listed clothing and accessories for men and women, both from Aditya Birla’s brands as well as curated clothing from other brands.
– In July, Global Fashion Group, the owner of online fashion and apparel retailer Jabong raised ~$166 million in a round of funding from existing investors Rocket Internet and AB Kinnevik.
– In June, Ratan Tata invested an undisclosed amount in women’s fashion formal wear portal Kaaryah.
Our ecommerce coverage.