Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Delhi-based, Jaypore, a curated online retail store, has raised about $5 Mn funding from social venture firm Aavishkaar in its series A round of funding.
Jaypore was founded in April 2012 by Puneet Chawla, Shilpa Sharma and Aarti Jesrani. The platform presents craft-based Indian designs in a contemporary fashion and aims to revive the diminishing crafts and arts of India. The products offered on the website include clothing, apparel, accessories, jewellery, personal care items, art, and food items. It is based in Delhi and San Francisco.
Noshir Colah, partner at Aavishkaar, said, “Given the strong founding team, highly efficient execution, along with a clear focus on unit economics and a distinctive and beautifully curated product range which differentiates it from the marketplace model, we believe Jaypore is uniquely positioned to cater to the discerning global consumer; and we are excited to be partnering with them.”
The newly raised capital will be used to further scale up its technology infrastructure, brand building, and for team expansion.
Jaypore is working to create a highly scalable and sustainable business that promotes quality and can effect a positive economic change in India’s handloom and handicraft sectors. The company is also planning to launch its mobile app soon.
The investment will be made in two tranches by Aavishkaar, which is investing in an e-commerce venture for the first time. Prior to this, in 2014, Aavishkaar invested in luxury lifestyle brand, Mela Artisans. It has also invested in Mumbai-based Electronic Payment and Services Private Limited (EPS), MeraDoctor, and AgroStar among others.
The total market size of ethnic wear is pegged at over $7 Bn. A number of players are operating in this space, including Mumbai-based ethnic etailer, Craftsvilla, that recently acquired Mumbai-based on-demand shipping service provider Sendd. NDTV’s IndianRoots, Cbazar, and online marketplaces like Flipkart, Snapdeal and Amazon are also active in this segment.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.