Jaypore, an online platform for contemporary Indian apparel, jewelry, home accents, has raised 5 million US dollar in its first round of institutional funding, the company said in a release. 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, jewelry and home decor market in India is highly unorganized and could roughly be pegged at 7 billion US dollar or more.
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.
“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,” Noshir Colah, Partner at Aavishkaar said.