[Funding Alert] Ethnic-wear startup Craftsvilla raises Rs 6 Cr from parent Supera Investments
Craftsvilla, an online retailer of ethnic brands, has raised Rs 6 crore in funding from Singapore-based parent Supera Investments, according to RoC filings accessed by YourStory.
With the latest infusion, the Mumbai-based company has received a total amount of Rs 30 crore from Supera this year, including Rs 17 crore in April, Rs 3 crore in March, and Rs 4 crore in February.
In 2018, Supera had also infused Rs 40 crore in Craftsvilla through four tranches of Rs 10 crore each in December, August, June, and February.
Craftsvilla received $34 million (Rs 220 crore) in Series C funding led by Sequoia India and Lightspeed Venture Partners in 2015. In the same year, Sequoia led a Series B round of $19 million (Rs 110 crore) in the company.
The fashion e-tailer received its Series A round of $1.5 million (about Rs 9.6 crore) in 2012.
Founded in 2011 by Manoj Gupta and Monica Gupta, Craftsvilla focuses on ethnic fashion and accessories. The startup has launched its own in-house brands such as Anuswara, Avanya, and Jharokha in the affordable ethnic and handloom segment.
According to a report by PwC, ethnic wear, which includes sarees and fusion wear, accounts for 74 percent of the women's apparel market in India and is valued at $14-$16 billion.
With an aim to push its offline foray, Craftsvilla is also planning to invest Rs 100 crore to open about 1,000 outlets next year, as per media reports.
The reports also said the company currently has 62 outlets across India in cities such as Pune, Mumbai, Hyderabad, Kolkata, Kochi, Kolhapur, Coimbatore, Delhi, Chandigarh, and Varanasi, and it will cross 75 outlets by the end of this year.
Meanwhile, Walmart-owned Myntra on Monday announced the launch of an offline store called ‘Roadster Go’ at Vega City mall in Bengaluru.