Craftsvilla raises Rs 6 crore from parent company Supera Investments, to cross 75 outlets this year
today May 22, 2019
The ethnic clothing retailer Craftsvilla has raised an additional Rs 6 crore ($902,000) in funding from its Singapore-based parent company Supera Investments and plans to pass a total of 75 brick-and-mortar stores in 2019.
Craftsvilla got a fresh funding injection from its parent company according to the business’ filings at the Registrar of Companies, accessed by YourStory. This new investment brings Supera’s total investment in the clothing brand to Rs 30 crore in 2019 which includes investments of Rs 17 crore in April, Rs 3 crore in March, and Rs 4 crore in February. Supera invested a total of Rs 40 crore in the brand in 2018.
The brand currently has 62 stores across India including in Pune, Mumbai, Hyderabad, Kolkata, Kochi, Kolhapur, Coimbatore, Delhi, Chandigarh, and Varanasi. At least another 13 store openings are planned for the rest of the year to take the total to over 75.
Craftsvilla was founded by Manoj Gupta and Monica Gupta in 2011 and retails ethnic clothing and accessories priced in the affordable section of the market. The brand has a range of private labels including Anuswara, Avanya, and Jharokha. The brand aims to open around 1,000 brand outlets in 2020 with an investment of Rs 100 crore.
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