Craftsvilla, Mumbai based online marketplace for ethnic products has acquired PlaceofOrigin.in, an online gourmet food marketplace in a share-swap deal, as reported by ET. This is the second acquisition in a month, earlier Craftsvilla had acquired Sendd, an on-demand shipping service provider.
Founded by Ashish Nichani and Sudarsan Metla, PlaceofOrigin is an an online gourmet food marketplace aimed to deliver India’s finest foods. It acts as a bridge connecting lovers of authentic and native food products to its original vendors.
Speaking on the acquisition, Manoj Gupta, co-founder and CEO, Craftsvilla, said, “We believe that ethnic foods is as big a category as ethnicwear. It is estimated to be a Rs 50,000-crore market but is highly unstructured currently. Also, the shelf life for these products is a unique challenge to online shopping. PlaceofOrigin has been working in this category for last two years and has been able to bring a lot of regional varieties online and address key logistics challenges. We look forward to utilizing their experience and our reach to make this a huge category for us.”
Post acquisition, both co-founders of PlaceofOrigin.in – Ashish Nichani and Sudarsan Metla will be joining the board of Craftsvilla.
“We are looking at a valuation of at least a billion dollars in the next 12-18 months before we go public. Our aim is to hit $500 million in GMV in a year,” said Gupta.
Till now, Craftsvilla has secured around $54 million in funds, including global investors like Sequoia, Nexus Venture Partners, Lightspeed Venture Partners and Yuri Milner’s personal investment vehicle, among others.