Online marketplace for ethnic products CraftsVilla scooped a total of $52 million in funding last year in Series B and Series C rounds. And the company is duly marching towards the goals it had set with this rounds — expand itself to other countries and emerge as a global marketplace for ethnic products. CraftsVilla is expanding its services to Australia, New Zealand, and the Middle East.
We have seen a lot of demand from international markets, even remote areas like the Polynesian islands. We have seen a lot of traction from consumers in Australia and the Middle East,
said Manoj Gupta, founder of Craftsvilla.com.
CraftsVilla expects a range of demands for its ethnic products in the new territories. In Australia, there is a huge demand from the Indian residents for home products, furnishing products like quilts and pillow covers, as well as the spiritual vessel bowl Urli.
Home and furnishing products are expected to be in demand in New Zealand as well whereas there is an expected demand for lehengas, salwar suits, and Kundan jewellery in the Middle East.
As per Gupta, the company will offer a curated list of products starting at a price of $20 in these overseas markets. He further said that the company was aiming to reach revenues of 100 crores in this financial year.
Founded in 2011 and valued at $200 million after the latest Series C round, CraftsVilla aims to be a one-stop marketplace for the scattered market of unique handmade, handcrafted, organic and gift items. It offers a range of ethnic products across different categories such as clothing, handicrafts, jewellery and art among others.
Last month, it acquired an online gourmet food marketplace PlaceofOrigin.in to introduce ethnic foods as another category on its platform.
At present, CraftsVilla boasts of a $120 Million GMV and aims to reach $500 Million GMV in the next 12 months. The company also plans to achieve a valuation of at least a billion dollars in the next 12-18 months before it goes for an IPO.