Adding a comment on the development, Manoj Gupta, co-founder & CEO of Craftsvilla, said, “We believe that ethnic foods is as big a category as ethnicwear with upwards of Rs. 50,000 Cr. market size and we are looking at ethnic foods as another frontier of growth in ethnic space. Ethnic foods category is very unique with lots of regional variety and is very unstructured. Placeoforigin has been working in this category for last two years and has been able to bring lot of regional varieties online and address key logistics challenges in this space. We look forward to utilizing their experience and our reach to make this a huge category of Craftsvilla.”
Place of Origin was founded in 2014 by Pradeep Ponnadi, Sudarsan Metla Srihari and Ashish Nichani. It is a platform that helps consumers discover and buy specialty food products from across the country.
This is Craftsvilla’s second acquisition this month. In the first week of February, the company announced that it had acquired shipping service provider, Sendd for $4.5 million.
Both the acquisitions are in line with Craftsvilla’s vision to build a one-stop destination for consumers to buy ethnic products.