Indian online marketplace Craftsvilla that allows users to buy and sell handmade products ranging from apparel to food, has raised $18 million in series B funding led by Sequoia Capital with participation from existing investors Lightspeed Venture Partners and Nexus Venture Partners, as well as new investor Global Founders Capital.
As per a TOI report, the raised funding will be used to scale up and expand into markets outside of India. Manoj Gupta, CEO & co-founder of Mumbai-based Craftsvilla, said the fresh capital will be used to spruce up the company’s technology backbone, push its mobile presence and expand into south east Asia.
Founded in 2011 by couple Manoj and Monika Gupta, Craftsvilla has 12,000 merchants selling 2 million products on its platform. It sells products categories including clothing, handicrafts, jewellery and art. The firm expect to hit Rs 100-crore monthly GMV by end of the year. Kriba Handicrafts, which runs Craftsvilla.com, had raised $1.5 million in 2011 from Nexus and Lightspeed.