Social Venture firm, Aavishkaar Ventures Management has recently invested Rs. 8.6 Cr in luxury lifestyle brand Mela Artisans. Mela Artisans is headquartered in the US but sources products from artisan clusters in Uttar Pradesh, Rajasthan etc. The funds raised by the company will be used to expand its collections, distribution channels domestically and internationally, and further to reach out to a wider range of artisan societies across India.
The investment was made from the Aavishkaar’s second impact investment fund, the $ 94 Mn Aavishkaar II, the fund invests between Rs 3 Cr -Rs 50 Cr in early-stage ventures operating in the low-income states in the country.
“Mela’s eagerness to work directly with artisans and help them produce products of significantly superior quality has enabled artisan groups to upgrade their skills and earn more stable livelihoods, thus making the craft craft sustainable for them. This makes the investment incrementally attractive for Aavishkaar,” says Noshir Colah, partner at Aavishkaar.
Founded by India origin entrepreneurs Navoze Mehta and Sonali Mehta Rao in 2010, the company offers collection of various high-end retail boutiques and chains, including, Neiman Marcus, Bergdorf Goodman and Bloomingdales, across the US, Europe and Latin America.