Mumbai : Online marketplace for ethnic and handicraft products Craftsvilla has hired advertising agency Leo Burnett to create its first media campaign since its inception in 2011 as part of a plan to expand its product portfolio and reach.
The firm has earmarked Rs 50 crore for advertising duties and plans to launch the campaign in the second half of this year, media sources said. It is still scouting for a media agency.
Manoj Gupta, CEO and cofounder of Craftsvilla.com, said firm will raise product portfolio to 20 million in the next 12-18 months from 2 million products now. By then it hopes to sell products worthRs 100 crore every month, up from its current annual gross merchandise value of Rs 250 crore.
Recently, Craftsvilla has raised $18 million in second round from leading venture capital firm Sequoia Capital. Global Founders Capital, a VC fund founded by Rocket Internet’s Samwer brothers.
According to a Crunchbase data, the company, which sells handmade products ranging from apparel to food, had raised $1.8 million in earlier rounds from Nexus Venture Partners and Lightspeed Venture Partners.
Founded by Manoj Gupta, Monica Gupta and Sarvajeet Chandra, Craftsvilla sells over 2 million handmade products from 12,000 merchants on its platform.
