Jaypore raises USD 3 million, to invest in offline expansion

Delhi-based online marketplace Jaypore has raised $3 million (approx 192 crore) from its existing investor Aavishkaar and will be using the funds to foray into the offline retail space, said a top company official.


Jaypore raises USD 3 million, to invest in offline expansion - Jaypore-Facebook

Jaypore has already raised $8 million (approx 50 crore) from Mauritius-based Aavishkaar and Haresh Chawla, former CEO of Network 18.
 
"We had announced USD 5 million from Aavishkar and then it put in another USD 3 million. It was part of an initial investment only... but Avishkar did it in two tranches," said Puneet Chawla, co-founder of Jaypore told Moneycontrol.
 
The company will set up brick and mortar stores across the country by end of this year and expects its offline stores at contribute at least 10% to the overall revenue of the company by next fiscal. The company is expected to open its first few stores in the metro cities of Mumbai & Delhi and gradually move to tier II cities.
 
"We have had our first open-house in Delhi. It is an exhibition or a touch point for our customers to come and experience the brand. It is like a pop up store. We did this for three days in August and intent to take this open house format to some of the big cities over the next few months," added Chawla.
 
Jaypore, a curated marketplace for crafts and artisan-based products and competes with the likes of Anokhi, Good Earth and Fabindia. It has curated collections with products like apparel, jewelry, sarees, scarves, Indian art and craft, home accents, fashion accents etc.
 
Jaypore is also available on leading ecommerce websites like Flipkart, Myntra and Amazon besides selling on its own portal.
 
 

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