[Funding alert] Lifestyle startup Rare Planet raises Rs 3.5Cr in pre-Series A led by Uni-M Ventures, Venture Catalyst
Rare Planet, a Kolkata-based retail lifestyle startup, on Monday raised Rs 3.5 crore in a pre-Series A round led by Uni-M Ventures and Venture Catalysts. Sagar Daryani, Co-Founder of Wow! Momo also participated in the funding round.
The latest investment will help the startup to grow its product range, expand in newer markets, as well as widen its online business.
Rare Planet aims to take handmade Indian handicrafts, jewellery, and decor products made from terracotta, copper, ceramic, brass, wood, and marble to a global stage, and disrupt the $8 billion handicrafts market.
Founded in 2015 by Ranodeep Saha and Vijay Kumar, Rare Planet offers handmade products that mix traditional art forms with modern techniques to create great quality lifestyle products.
Commenting on the investment, Nav Bhaiya, Co-founder, Uni-M Ventures, said, "Through product innovation, technology, and scale, Rare Planet is enabling Aatmanirbhar in the real sense. We, at Uni-M Ventures, are completely committed to the vision of the company, and are confident that it will put Indian kaarigars on the international map."
The lifestyle startup aims to promote indigenous Indian handicrafts by empowering local artisans (kaarigars) to become micro-entrepreneurs, thereby providing them with sustainable employment opportunities.
To date, Rare Planet has helped over 2,000 artisan families from rural areas to register an average increase of 120 percent in their income. In fact, it has sold more than five lakh units worth Rs 20 crore, catering across 100 locations in India.
Speaking on the investment, Ranodeep Saha, CEO and Co-founder, Rare Planet, said, “The pandemic has had a major impact on the economy, as well as the investment landscape. We remain committed to creating greater value for rural artisans, and taking indigenous Indian handicraft items to a much larger audience across the globe keeping the profits growing quarter on quarter.”
Edited by Suman Singh