Jaypore, an online platform for contemporary Indian apparel, jewellery, home accents, has raised $5 million in its first round of institutional funding. Aavishkaar, an innovator in early-stage investing made the investment recently.
Puneet Chawla, CEO of Jaypore said that the funds will be used primarily for investment in scaling up the technology platform, hiring talent and brand building. “We will continue to focus on expanding the product offering including our own private label,” he said.
The handmade apparel, jewellery and home decor market in India is highly unorganized and could roughly be pegged at $7 billion or more.
The Delhi-based Jaypore aims to be the leader in that segment with quality products and processes that enable consumers to have access to traditional Indian crafts with a contemporary rendering.
Noshir Colah, Partner at Aavishkaar says, “Given the strong founding team, 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.”
Founded in 2012, Jaypore aims to present Indian, craft-based designs in a contemporary application, one which would appeal to both the domestic and global audience. With a focus on reviving dying crafts and arts of India, Jaypore wants to create a scalable and sustainable business that promotes quality and can effect a positive economic change in India’s handloom and handicraft sectors, said a press release.
Published Date: Feb 19, 2016 07:21 pm | Updated Date: Feb 19, 2016 07:21 pm