craftsvilla (1)

CraftsVilla, an online marketplace for Indian products, has raised Series C funding worth ~ $33.3 million (Rs 220 crore) led by existing investors Sequoia Capital and Lightspeed Venture Partners, with participation from Yuri Milner ($5 million), the Russian billionaire, via DST Global partners’ fund, and other existing investors Nexus Venture Partners and Global Founders Capital, reports ET.

Craftsvilla will use the funding for marketing and international expansion. This values the company at $200 million, according to the report. The company said that with this funding, it plans to go public in the next 12-18 months. It also claims to clock $120 million in its GMV annual run rate, with aims to hit $500 million GMV in the next one year.

Previous funding:

In April this year, the company raised Series B funding worth $18 million led by multiple investors for growing the team size, bolstering its mobile presence and scaling up its technology platform. The company also planned to expand to southeast Asia. In July 2012, Craftsvilla had raised $1.5 million Series A funding from Lightspeed Venture Partners and Nexus Venture Partners and in October 2011, it had raised an undisclosed amount of early stage funding from the same investors.

Craftsvilla was founded by Manoj Gupta and Monica Gupta in 2011. It takes a 20% commission on the products sold, however, it is not clear if the company does this on per item or per order, which might include many items. The company claims to have 25,000 sellers on its platform, along with 3.5 million sold products.

Competition:

– In October, Aditya Birla launched an online fashion portal called abof.com 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, NDTV’s ecommerce platform IndianRoots partnered with Banka Silk, a handloom brand from Bihar to sell products made by local artisans of Banka district in Bihar on its platform, to distribute Banka products worldwide.

– In the same month, 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, Mukesh Ambani, RIL chairman & MD said, “Before the end of year, the Fashion and Lifestyle formats of Reliance Retail will roll out its e-commerce initiative.”

– In the same month, Ratan Tata, chairman emeritus of Tata and Sons, invested an undisclosed amount in women’s fashion formal wear portal Kaaryah.

– In April, Bangalore based fashion e-commerce site EatShopLove raised angel funding worth $3.5 million from a London based investor.

– In February, Ecommerce major Snapdeal has acquired online luxury fashion store Exclusively.com (formerly Exclusively.in) for an undisclosed amount.