Caravan Craft Retail Private Limited, a Bangalore based apparel and home décor company, has raised Rs 1 cr from Unitus Seed Fund, an impact investment firm backed by Vinod Khosla and others.
The India focused venture capital seed fund said that crafted products from India can be a source of premium merchandise for global customers while providing employment opportunities to rural low income artisans.
Unitus did not disclose the the amount of funding but said that the National Skill Development Corporation has commited to partly fund the venture already. The Economic Times reported that the fund will invest upto Rs 1 cr in the venture.
Co-founded by former Hidesign Chief Executive Officer Kunal R Sachdev, the company is set to launch a ‘single brand’ concept in India and will soon open up its first store in Bangalore focused on women.
Sudipto Sinha, the founder of Indica Research, Sachin Rampal, former head of corporate communications for Reliance Retail, Mahesh Rao, ex-owner and managing director of jewellery brand carbon and designer Michael Foley are part of the founding team.