Jaypore, the craft inspired online store, has raised Rs 30 crore in funding from social venture capital firm Aavishkaar. The proceeds from the series A round of funding, proceeds will be used by the Delhi headquartered Jaypore to scale up its technology infrastructure, brand building, as well as to expand its team. The investment will be made in two tranches.
Founded in 2012 by Chawla, who was previously with a string of successful consumer Internet ventures, such as Info Edge, redBus and Exclusively. in, and Shilpa Sharma, formerly with FabIndia, Jaypore has also been backed by Haresh Chawla, former CEO of Network18 and partner at private equity firm India Value Fund, who had invested Rs 3 crore in the startup in 2012. This has been the only funding till date.
The start-up curates traditional handicraft products from weavers, groups and designers, and sells a range of lifestyle products including, clothing, apparel, accessories, jewelry, personal care items, art and food. It sources items from over 20 states in the country, ranging from cotton fabric from Phulia, kantha from Murshidabad, kalamkari from Machlipatnam to silks from Bhagalpur, among others buying from co-operatives, self-help groups, established manufactures and exporters. It does not own the products, but gets them on consignment from artisans, and which are then stored in its central warehouse in Delhi.
The portal gets around 15,000-30,000 visitors a day and records between 150-300 transactions daily, with an average ticket size of Rs 4,000. Jaypore expects to record gross merchandise sales of Rs 30 crore by the end of the current fiscal a 100% growth over the Rs 15 crore clocked the previous year. For the financial year ending March 2017, the company is projecting GMV of Rs 100 crore. Silver jewelry, sarees and apparel account for the chunk of sales with 70% of revenues coming from customers in India.
The company plans to build a presence offline eventually. In the meantime it is planning to roll out its mobile app on the Android and iOS platforms.