Craftsvilla.com, India’s largest online store for sarees, salwar suits, lehengas, jewellery, handicrafts, home decor and other ethnic products has acquired Mumbai-based virtual logistics startup Sendd. This is the company’s first acquisition of this year.
The all-equity deal valued the Kae Capital- backed logistics company at around $5 million.
“We do not believe in acquiring feet on the street kind of people, we made this acquisition because we wanted complete control over logistics,” said Manoj Gupta, founder of Craftsvilla.com.
Recently, Craftsvilla raised $34 million in Series C round of funding led by Sequoia India and Light Speed Venture Partners. The company plans to acquire companies in the data science and mobile technology spaces inorder to further stregnthen its offerings. It has earmarked nearly $10 million (about Rs 65 crore) for this acquisition.
“Sendd showed us they could reduce RTO by more than 25 per cent, in some cases even 50 per cent and logistics pricing up to 30 per cent,” added Mr. Gupta.
Sendd was founded by former IITB students, Nav Agarwal, Sumeet Wadhwa and Sargun Singh Gulati. The virtual logistics company, which is over a year old, also caters to international clientele.
Sendd’s logistics engine predicts in real time, which shipment should be given to the select courier company based on efficiency levels. Such an intelligent logistics solution will help take customer experience to a whole new level.
Gupta says, Sendd will continue to operate on a standalone basis and have its own clientele, in addition to handling logistic functions for Craftsvilla.com.
“We are aiming to make it the biggest virtual logistics company in India, it can be better than a FedEx or DTDC,” he added.
Founded in 2011 by Manoj Gupta and Monica Gupta, Mumbai-based Craftsvilla is India’s largest online shopping store for sarees, salwar suits, lehengas, jewellery, home decor and other ethnic products. The company’s vision is to take societies back to their roots and help them discover their ethnic legacy. With over 25,000 sellers from across India, Craftsvilla.com has close to 3.5 million products online across categories including, clothing, handicrafts, jewellery and art among others. The company is funded by globally renowned venture capital funds including Sequoia Capital, Nexus Venture Partners, Lightspeed Venture Partners, Global Founders Capital and Apoletto. For more information, please visit www.craftsvilla.com
Company Name: Craftsvilla Handicrafts Pvt Ltd
Contact Person: Manoj Gupta
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Address:1502 G Wing, Lotus Corporate Park, Goregaon (E)