In today’s highly competitive market where startups are finding new ways to expand their business model and generate revenues like introduction of new business verticals, supporting services, enhanced consumers reach etc, Craftsvilla, an online marketplace for ethnic products, has expanded its services to cover the Middle East, New Zealand and Australia with an aim to touch Rs 100 crore in revenue in 2016-17.
“We have seen a lot of demand from international markets, even remote areas like the Polynesian islands. We have seen a lot of traction from consumers in Australia and the Middle East,” said Manoj Gupta, founder of Craftsvilla. “There are Indian citizens in Australia who have a high demand for products like the spiritual vessel bowl Urli, among the other home products, and furnishing products like quilts and pillow covers sell well.”
A curated list of products, with prices starting at $20, will be available for the overseas markets, Gupta said, adding that in the Middle East, the company expects good demand for its lehengas, salwar suits and kundan jewellery, while in New Zealand it expects to push furnishing and home products.
With evaluation at $200 million after the latest Series C round, CraftsVilla’s current GMV is $120 Million and it’s targeting to reach $500 Million GMV in the next 12 months. The company also plans to achieve a valuation of at least a billion dollars in the next 12-18 months before it goes for an IPO.
With increase in number of Indian Startups expanding into Global Market, it would be interesting to see the changing strategies of in-house players and learning of these biggies. Recently Practo, doctors discover directory and booking platform, launched its operations in Brazil. RedBus is also planning to expand its global footprints in at least four South and Southeast Asian Countries in next three months.