Caravan Craft Gets Rs. 8.5 crore Funding
Bengaluru, India | Red Newswire | Nov 21, 2015 Last Updated at 03:47 PM IST.
The traditional Indian craftsmanship startup Caravan Evolved Indic Craft has raised Rs. 8.5 crore funds from its investor Unitus Seed Fund among others. Till now the company has raised Rs 12 crore including this. Apart from this, it has raised a debt of Rs. 14 crore from NSDC from a Rs. 42 crore project.
Srikrishna Ramamoorthy (partner, Unitus) said, “Our seed investment in Caravan in 2013 was anchored by strength of the team, the India retail opportunity and large scale impact that Caravan was intending to create. We’ve seen that play out well over the past two years – the supply chain is now in place and the brand well established. We continue to believe in the team and the opportunity and are excited about the planned retail footprint expansion in India and elsewhere and online.”
The former CEO of Hidesign, Kunal R Sachdev launched Caravan Craft in 2008. However, it came to be recognized as a brand in 2013 with opening of its retail store in Bengaluru. After that it opened two more stores in Mumbai and Pune. Next month we will see another store opening in Chennai.
Caravan Craft is involved with the sales of contemporary crafts and products including jewelry, apparel, décor items, toys and gifts – all made by skilled local artisans. The company is associated with many artisan clusters, family units, NGOs and self – help groups. They are further trained to meet the quality standards of the company. Around 560 artisans from all over the country are engaged with the company and 7,000 have been trained till date.
With the opening of its first concept store in Bengaluru, it allows customers to choose from the various ensembles. Orders can be placed through its e-com portal too.
Sachdev added, “We will use money for expansion in India and international markets.” Caravan’s jewelry line is also available at Globus and is looking to reach European markets by 2016.
Other investors include Narayan Ramachandran (former country head, Morgan Stanley) and Reliance Retail’s former CEO Bijou Kurien.
Source: ET Bureau