Company Name : Caravan Craft
Funding Amount : Rs 8.5 crore
Investor(s) Unitus Seed Fund Bijou Kurien. Narayan Ramachandra.
Funding Round : Angel round
Caravan Evolved Craft has raised a funding of Rs 8. 5 crore from existing investor United Seed Fund. Other investors are Bijou Kurien, former chief executive at Reliance Retail and Narayan Ramachandran former country head of Morgan Stanley in India.
The company has also raised a debt of Rs 14 crore from National Skill Development Corporation. After the fresh funding, the company is now valuated at Rs 12 crore.
Caravan Craft currently operates in Bangalore, Pune and Mumbai. It plans to open a store in Chennai by next month.
Launched in 2013, the company sells products across five categories- apparel, jewelery, home decor, gifts and toys. It works with artisan clusters, NGOs, family units, self-help groups and trains them. The company has engaged with about 560 artisans and trained 7,000. Along with retail stores, the company also allows its customers to order online at the store itself.
The company will use the funds to expand across the country and international markets. [source]