Sequoia backed Craftsvilla Handicrafts
Pvt. Ltd had ventured into the food segment with the acquisition of Bengaluru
based food startup PlaceofOrigin in an all-stock deal. PlaceofOrigin was
founded by two former bankers in 2014. The company curates and takes to the
market producers of ethnic Indian food items and local specialties across
categories such as sweets, snacks, staples and health foods.
It currently claims to have vendors
and customers across 20 states of India. The 15 member team of the company will
be joining Craftsvilla after the acquisition. Craftsvilla vision is to build a
one-stop destination for consumers looking for ethnic products. PlaceofOrigin
has been working in this category for the last two years and has been able to
bring a lot of regional varieties online and address key logistical challenges
in this space.
Craftsvilla raised $34 Million in a
funding round led by existing investors Sequoia and Lightspeed Venture Partners
in November. Its previous funding was in January 2015 when it received $18
Million in an investment round led by sequoia. In December, it announced it had
set aside $10 Million to acquire three to five companies across different
sectors. This year, it acquired Mumbai based logistics startup Sendd.
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