Kribha Handicrafts, which runs handicraft and natural products ecommerce portal CraftsVilla.com, has received an undisclosed amount as early stage funding from Nexus Venture Partners and Lightspeed Venture Partners​. CraftsVilla’s co-founder Manoj Gupta was a principal at the Mumbai-based Nexus Venture Partners. According to Gupta, the company is looking at a year-on-year growth of 500 per cent to be a Rs 100 crore company by fiscal 2013.

The company will use the funds to expand operations within India as well as overseas in the US, the UK, Germany and Japan, besides building a robust back-end supply chain, besides setting up studios for artisans to get products shot for display on the website.

“We are looking at gaining scale rapidly. We need investments of Rs 100 crore over the next two-three years,” said Manoj Gupta, co-founder and chief executive. The company, as of now, has 500 vendors and more than 1,000 artisans supplying it products, including apparel, bags, jewellery, home furnishing, health and beauty accessories.

“Craftsvilla.com has got the first-mover advantage in the online space with a team that understands the space and business and is looking to gain scale. With funding it can become a dominant player,” said Sandeep Singhal, co-founder, Nexus Venture.