Aavishkaar has backed Indonesian startup Qlapa to expand its online handicraft marketplace.
The startup in West Jakarta has 65,000 local crafts from over 4,000 Indonesian sellers on its e-commerce platform.
Like Etsy, Qlapa allows buyers to buy directly from craft makers, cutting out middlemen. Aavishkaar led the fundraising; terms weren’t disclosed, but the Mumbai firm’s Frontier Fund typically makes investments of between $500,000 and $5 million. Existing investor Kapan Lagi Networks joined the round.
Aavishkaar has raised $75 million to invest in South Asian countries outside of India and plans to invest in 10 to 15 Indonesian startups. Aavishkaar made its first Indonesian investment last year in seafood startup in P.T Bali Seafood.
Photo credit: Qlapa
Source: Aavishkaar backs Indonesian startup Qlapa to expand online handicraft marketplace