NASDAQ-listed curated marketplace Etsy has entered in India and has been setting up a team in Delhi to get sellers in creative space. In a blog post, it writes that “Finally, India is a country known for vibrant textiles, eclectic jewelry, and intricate prints. It is also emerging as one of the largest and fastest growing ecommerce markets in the world. As big businesses move into India, we believe Etsy can stand out as a destination for small business and creative entrepreneurs, such as Sky Goodies. We’re excited to have a small team on the ground to help grow and support our seller community, enabling them to share even more of their unique and handcrafted goods with the world.”
Founded in 2005, the Brooklyn-based Etsy is a marketplace for unique and creative goods. According to this ET report, about 650,000 items are available on Etsy from sellers in India. Etsy has about 2 million active sellers on its platform, and have sold average Gross merchandise sales (“GMS”) worth $3.25 Billion in FY 2017.
According to its Annual report, it GMS grew by 14.5% year-over-year with 33.0% of sales involving a buyer and/or seller outside of the US. Its revenue in FY 2017 rose by 20.9% year-over-year to a total of $441.2 million, compared to $365 million in 2016, led by Seller Services revenue growth of 28.7%.
Etsy’s entry in India will heat up the competition for players like Qtrove, which secured funding of Rs 350 crore from Springboard Ventures, an investment arm of Times Group’s holding company Bennett, Coleman & Co Ltd (BCCL) in May this year. The competition will have a number of marketplaces like Craftsvilla, selling handicraft products, either consumer-to-consumer or merchants-to-consumer. Besides, e-commerce biggies like Amazon and Flipkart list all kinds of products (including pure cow dungs) in India.