Bhagwandas Retail, which owns business to business (B2B) artisan platform Lal10, has raised $1.1 million in a fresh round of funding led by Salt Lake City, Utah based Sorenson Impact.
Slideshare founder Amit Ranjan, ex-Flipkart CTO Mekin Maheshwari and Seedfund co-founder Pravin Gandhi, along with funds like Beyond Capital, Pegasus Finvest, Upaya Ventures, Angellist Collective, and Gemba Capital, also invested during the round.
Bhagwandas Retail will use the funds to create a strong technology product to achieve supply efficiency and focus on more international B2B retailers.
Founded in 2016 by Sanchit Govil, Maneet Gohil, and Albin Jose, Lal10 is an online marketplace that connects Indian artisans with bulk buyers across the globe. The founders have been part of global accelerators such as GSBI (Global Social Benefit Institute ) and GMC Calibrator.
In 2018, the company had raised an undisclosed amount in a seed funding round from a group of investors.
Lal10 claims to offer sustainable livelihoods to over 1500 Indian artisans across eight low-income states by connecting them with over 300 global retailers from more than 18 countries. The retailers include Zara, Anita Dongre, Toast, Wills Lifestyle, FabIndia, Four Seasons, Taneira, etc.
“We will digitise 10,000 artisans in 2020,” Maneet Gohil, co-founder, Lal10 said in a statement.
According to the company, its mobile-first technology platform empowers the artisans with the required skills and knowledge of contemporary designs. It further helps them manage their inventory and ordering process better, ensuring seamless delivery and transaction efficiency.
“They have created an innovative model for artisanal micro-entrepreneurs from India's rural heartlands - they connect these artisans to global retailers by digitising their inventories via a mobile CRM solution. The team is high-energy, self-driven, with an innate ability to think and act from first principles," Amit Ranjan, founder, SlideShare said.
The company competes with Gocoop, Craftfurnish, Chumbak, Easyshopindia, Redbag, Oneskyshop, and Craftisan.in, among others in this segment.
Founded in 2013, Sorenson Impact is an applied academic institution at the University of Utah’s David Eccles School of Business. It works across sectors to develop and implement innovative and data-driven strategies to address difficult social and public health challenges.