Update On :08 July 2015
Craftsvilla, an online marketplace for ethnic products, is plans to enter the Southeast Asian market.
It is set to enter Singapore and Malaysia by the end of this month and next on its radar are Thailand and Indonesia, where it is planning brand acquisitions to ensure a continuous supply chain and create an umbrella brand for ethnic products.
The 2011-founded startup, which raised Rs 110 crore in a Series-B round led by Sequoia Capital in April this year, will take a mobile-first a Series-B round led by Sequoia Capital in April this year, will take a mobile-first approach for expansion in Southeast Asia.
"The seller management will be done locally in each of the country by a four- to fivemember team including a country manager. The customer support, marketing and technology will be supported through our India office," said Manoj Gupta, its cofounder and chief executive.
The cost to enter each of these markets will be close to Rs 1 crore, he said.
In each market, it plans to begin with 100 local sellers and tie up with domestic payment gateways for countryspecific compliance on payments.
In order to build a steady supply chain, Craftsvilla is looking to acquire 10-20 small local brands in ethnic wear in Thailand and Indonesia, and in categories such as ethnic food, music, wellness and spiritual products.
"Close to 98% of our orders is for domestic consumption in India. A similar trend of local consumption will play out in the countries we plan to expand to.
Ecommerce is picking up in these countries much like India and there are no platforms which retail ethnic products," Gupta said.
The company is expected to add Thailand to its network by November this year, followed by Indonesia in early 2016.
News Source From : http://economictimes.indiatimes.com/small-biz/startups/online-marketplace-craftsvilla-plans-to-enter-southeast-asian-market-by-the-end-of-july/articleshow/47980647.cms