Craftsvilla is an online platform that deals with unique Indian products, including vintage, organic, ethnic, and natural products in India. Craftsvilla connects artisans and professional designers to feed customers’ choices in all manners.
It was established in 2011 and here headquartered in Mumbai. It has become an e-commerce store for home and fashion accessories.
Founders
The Gupta family started Craftsvilla as a product-based company. Manoj Gupta used to be the CEO of Nexus Venture Partners, sponsored this platform. His wife, Monica Gupta, became the COO of Craftsvilla after completing her MS in accounting from San Diego, keeping her husband in the CEO position.
The Concept Behind Craftsvilla
Monica Gupta went for an excursion to Kutch, which is located in Gujarat. She notices numerous artisans and quality designers struggling to make the slightest money on behalf of their excellent work. She thought of those so-called bright minds who are making the market, depriving these artisans.
This thinking led her to create a canvas where these designers, or we can say, talented intermediaries, can sort their field to earn what they deserve – The Craftsman got generated.
Business Model
Craftsman has tied up with the Ministry of Textile, India, to e – showcase handloom products of non-famous artistic artisans and creators and also markets Weave Smart to distribute the existence of handloom waves across the nation.
This e-commerce platform has over 25,000 artisans and about 4 million products to sell. Craftsvilla provides budget-friendly ethnic products to its customers, expanding the vocation of nearby artisans and planners to picture the same eminently.
Funding and Investors
As a start-up company, the Funding invested with Nexus Venture Partners and Lightspeed Venture Partners with around 2.3 crores in 2011. In the next year, Craftsvilla managed to make Funding of 8 crores with the contribution of both the partners mentioned above. In 2013, Sequoia Capital and others contributed the Funding was raised to 113 crore, which is massive.
Revenue and Acquisitions
In FY17, the avenue was about 30.35 crore, but it went leaps and bounds by 3.6%, i.e., 31.45 crores in FY18. Expenses diminished from 116.33 crores to 59.13 crores, and accordingly, the loss went down from 85.98 crores to 27.68 crores.
Craftsvilla possesses three organizations as of now.
- Send
- Place of Origin
- F2SO4
Among all these, send has a mutual amount of around $ 4.5 million. Other companies, too, have an undisclosable amount to share.
Achievements
Craftsvilla turned into the only profitable online business platform in India by 2013. They revealed a PAT productivity of 1.2% in their second quarter of 2013 and were focusing on a gross sales of Indian $100 million in the FY14 with PAT profitability of near 4%.
Craftsvilla is additionally made into India’s best five internet business companies by GMV (Gross Merchandise Value) scale.
Craftsvilla now accounts for more than 100,000 transactions in a month and developing quickly, with natural sources contributing 66% of their all-out traffic.
Future Plans
Craftsvilla is an online business platform and performing with outstanding excellence. Now they are planning to move the business into an offline track so that the swing gets more spread.
Craftsvilla is planning to invest around 100 crores to opening more than 1000 outlets in the future.
Final Talk
Always remember, – “fast AND steady win the race.”
Craftsvilla believed in the statement and worked accordingly. They faced losses, got denied by organizations, and even lacked the sources. But, they ended up becoming the fast-growing platform of its field.
Take a time and visit their official website to know more about Craftsvilla – www.craftsvilla.com
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