New Delhi based online retail store Jaypore that offers products include home decor, accessories, jewelry, apparel, gifts, vintage items etc., has raised Rs. 30 crore in series A round of funding from social VC firm Aavishkaar. The funding will be made in two tranches, and will be used to further scale up its technology infrastructure, brand building, as well as to expand its team.
Founded in 2012 by Puneet Chawla and Shilpa Sharma, the company has also been backed by Haresh Chawla, partner at private equity firm India Value Fund. Prior to Jaypore, Puneet was previously associated with firms like publicly-listed Info Edge, redBus and Exclusively.in. And Shilpa worked with Fabindia.
Going forward, the company also plans to launch its Android and iOS apps. It records between 200-400 transactions daily, with an average ticket size of Rs 4,000 and around 65% of total orders come through its mobile optimized website.
Jaypore claims that it discover the designs from artisans and craftsmen from all over India, and deliver them at exceptional value to its members. The firm expects to record gross merchandise sales of Rs 30 crore by the end of the current fiscal and for the financial year ending March 2017, the company is projecting GMV of Rs 100 crore.
Last year, Aavishkaar had also invested Rs 32 crore in eCommerce logistics firm Connect India.Category Investments News