Caravan Craft gets a funding boost of Rs 8.5 cr

Caravan Craft has raised funds worth Rs 8.5 crore from existing investor Unitus Seed Fund along with a clutch of other investors. This takes the total amount of equity raised by the company to Rs 12 crores. The company has also raised a debt of Rs 14 crores from National Skill Development Corporation (NSDC) from a total project sanction of Rs 42 crores.

Caravan Craft was launched by former chief executive of Hidesign Kunal R Sachdev in 2008. In 2013, its debut store was launched in Bengaluru followed by two more openings in Pune and Mumbai. The company aims to launch its fourth outlet in Chennai next month.

The company’s range across five categories includes apparel, jewellery, home decor, gifts and toys with an inventory of 2,000 units sourced from local artisans. The company has partnered with around 20 groups consisting of artisan clusters, NGOs, family units and self-help groups and trains them to create products on par with the quality standards set by Caravan.

Other investors in the company include Bijou Kurien, former chief executive at Reliance Retail and Narayan Ramachandran former country head of Morgan Stanley in India.