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Craftsvilla sets aside $10M pool for tech acquisitions : Looking to acquire tech companies
Highlights
Close on the heels of securing USD 34 million in Series C funding led by Sequoia India and Lightspeed Venture Partners, with participation from Nexus Venture Partners, Global Founders Capital and Apoletto,craftsvilla.com announced that it is open to acquiring tech companies.
Close on the heels of securing USD 34 million in Series C funding led by Sequoia India and Lightspeed Venture Partners, with participation from Nexus Venture Partners, Global Founders Capital and Apoletto,craftsvilla.com announced that it is open to acquiring tech companies.
This is in line with the stated objectives of craftsvilla.com, post series C.
Manoj Gupta, Founder craftsvilla.com said, “ we plan to use this funding to achieve three major objectives
To improve platform experience by building world class engineering and product capabilities.
Enhancing customer care and customer experience
Building exciting and diverse merchandise on the platform”
At present Craftsvilla.com is scaling rapidly in the ethnic category to reach $500 Million GMV in next 12 months. Already India’s largest ethnic products marketplace, craftsvilla.com is currently experiencing over 6x YoY growth and it’s already the sixth largest e-commerce company in India by GMV. Yuri Milner (Russian Billionaire) and Oliver Samwer (German Billionaire) have plugged into the story, as on series C.
Manoj added, “ We believe we are one of the leanest and most capital efficient online marketplaces in India with best demand and supply side metrics. We are looking to acquire tech start-ups that have a more intuitive way to connect with our customer base. The skill and the tech talent available in India right now is unbelievable and we want to tap into some of those resourceful minds. We have set aside $10M pool for acquisitions.
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