Peepul Tree, a live commerce platform, has raised seed funding of $6 million (around Rs 49 crore) from venture capital firm Elevar Equity.
As per the startup, the raised funds will be used for product marketing, onboarding content creators and scaling up the tech portfolio.
Peepul Tree | Shopping Marketplace For Indian Artisanal Products
Founded by Anish Williams, Mini Menon and Priya Jayaraman in 2022, Peepul Tree is a platform for the best hand-made artisanal works from the deepest corners of India.
The platform works with local artisans and content creators by aggregating supply through a cluster-based approach and managing the supply chain and logistics to consumers by way of their tech platform.
Speaking about the development, Anish Williams, Co-founder of Peepul Tree, said,
“We are committed to providing access to a global marketplace and a credible platform to artisans that have been at the helm of safeguarding centuries-old traditions and sustainable processes whilst ensuring the consumers discover and take back a conscious retail experience of a lifetime.”
Currently, the live commerce platform has 24 artisan clusters from which they are sourcing their products. The Bengaluru-based live commerce platform aims to support 100,000 artisans and 500 crafts and onboard 1,000 content creators on its platform by the end of 2023.
Commenting on the development, Jyotsna Krishnan, Managing partner at Elevar Equity, said,
“This investment in Peepul Tree is in line with our other recent investments and an opportunity to impact the livelihoods of millions of rural households.”
Since 2006, Elevar Equity has been at the forefront of impact investing. The firm invests early growth capital in entrepreneurs and businesses.
Last week, Elevar Equity was a part of the $35 million Series C round of rural household-focused lending and distribution platform SarvaGram. In November 2022, Elevar Equity also led a $6.1 million Series A funding round of Odisha-based healthtech platform CureBay.
The firm has invested in several startups across themes, including StrideOne, Niro, Cloudphysician, InCred, The Better India and Bike Bazaar.
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