Kolkata-based Rare Planet, which operates an eponymous ecommerce platform, has raised an undisclosed amount from institutional and angel investors in a fresh funding round, dubbed a pre-Series A round.
Uni-M Ventures led the round, with participation from returning investors Venture Catalysts and Sagar Daryani, co-founder of Wow! Momo, a statement said.
With the latest investment, it aims to take handmade Indian handicrafts, jewellery and decor products made from materials such as terracotta, copper, ceramic, brass, wood and marble to a global stage and disrupt the $8 billion handicrafts market, the statement said.
Founded in 2015 by Saha and Vijay Kumar, Rare Planet claims to promote indigenous Indian handicrafts and provides local artisans sustainable employment opportunities. It says it has helped more than 2,000 artisan families from rural areas to register an average increase of 120% in their income.
With a presence in more than 100 locations across the country, the startup has sold 5,00,000 handicraft products so far, at a GMV of Rs 200 million.
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