[Funding alert] Online craft marketplace Tjori raises $700K from senior McKinsey partners, HNIs
Online craft marketplace Tjori raised $700,000 in a Pre-Series A funding round from investors including senior McKinsey partners and HNIs from India and abroad.
Tjori said that with its latest round of funding, it crossed $1 million in total investment from investors in India and the Middle East.
Built over the last six years, the Delhi-based brand focusses on products made of traditional raw materials, organic ingredients, and techniques. It offers lifestyle products across categories such as fashion and home decor, and have a line of organic and Ayurvedic wellness products for women, men (coming soon), moms and babies.
In a statement, the startup said that it has been operationally profitable since the last 1.5 years and recently achieved EBITDA profitability and intends to use the funds for further expansion of brand’s categories like apparel, footwear, jewellery, wellness, mom and baby care and home. It also plans to launch its first brick and mortar store in New Delhi by the end of 2019.
“India is yet to create a consumer brand that would capture global imagination like H&M or Zara. I believe such a brand would represent universal appeal of Indian ethnic fashion and wellness. Tjori is on a journey to become that brand, representing the goodness of handmade products – from fashion to home décor to personal care and wellness”, says Mansi Gupta, Co-founder and CEO of Tjori.
The Delhi-based company claims that its website gets more than one million visits per month and has a repeat customer base of 40-50 percent.
“We have created and retained a huge community of loyal customers which has interested investors from not just India but also the Middle East,” added Gupta.
The niche ecommerce space is fast growing. Brands such as Threads & Sol, Jaypore, Qtrove, Engrave, Kraftly, and LoveThisStuffand are fast-growing in the apparel space.
(Edited by Saheli Sen Gupta)