Impact venture capital fund Beyond Capital Ventures is pleased to announce its latest investment in Lal10, the largest B2B platform for seamless wholesale sourcing of one-of-a-kind artisan products.
NEW DELHI , Aug. 17, 2022 /PRNewswire-PRWeb/ -- Impact venture capital fund Beyond Capital Ventures is pleased to announce its latest investment in Lal10, the largest B2B platform for seamless wholesale sourcing of one-of-a-kind artisan products. Lal10 is disrupting the Indian artisan craft industry by enabling creative manufacturing micro, small, and medium enterprises (MSMEs) to easily digitize, manage and sell their inventories for cross-border wholesale. Beyond Capital Ventures is leading the company's $5.5M Series A Bridge round including $4M in equity funding.
Founded in 2017, the company has successfully built and scaled an online marketplace for Indian handloom and handicraft products developed by artisans, selling primarily to B2B customers in domestic and international markets, including Amazon, Zara, Toast, Big Bazaar, Ancestry and Pepperfry. Lal10 aims to empower the artisan craft sector which, after farming, is considered to be the backbone of India's rural economy and the largest employment generating sector in India. Lal10 provides these artisans tools to digitize physical products to online webstores on their platform, contemporary design training, improved global market access, and eventually higher incomes.
Founders Maneet Gohil, Sanchit Govil, and Albin Jose launched Lal10 with a vision to bring light into the lives of artisans across the country. The company solves marketing and operations problems to enable companies to source products directly from artisans. In Hindi, "Lalten" means lantern.
"Lal10 is building technologies for the next craft revolution. As a company, we intend to digitize the entire craft industry in India and prepare them for global wholesale. India's $3.5B export GDP in creative produce comes from a handful of production hubs in larger cities. But India has a production appetite of over $160B with Tier III & IV production hubs like Bhagalpur, Pochampally, Maheshwar, and Amroha, which are yet to come on the global map," said Maneet Gohil, CEO & Co-founder of Lal10. "We are creating opportunities for MSMEs in smaller towns by enabling contemporary designs, technology innovations for a transparent supply chain, and digitizing inventories of sustainable products for discovery to global buyers wholesale. We also want to thank all investors for placing their trust in us, our mission, and for joining hands to make Lal10 help 1.2 million Indian craft-based MSMEs go global."
Lal10 has enabled sourcing for over 400 global retail brands by connecting them to reliable manufacturers, comprising 2200 MSMEs. Lal10 continues to grow brand partnerships as the company works with new MSMEs to expand its catalog of over 45,000 artisan products and target new markets in the United States, EU, Japan, and the Middle East.
"Lal10 has done an excellent job supporting artisans by digitizing inventories, sourcing raw materials, and improving their export capacity," said Eva Yazhari, Managing Partner of Beyond Capital Ventures. "This has translated into continuous growth and expansion into international markets. Even when faced with pandemic-related challenges, the Lal10 team has consistently put their artisan suppliers and customers first."
ABOUT LAL10
Lal10 is an online wholesale marketplace for rural MSMEs in India. The company is creating a maker's revolution by digitizing small and medium rural manufacturers to take their sustainable products to global markets. Lal10 has digitized over 45,000 SKUs to date and is the largest vertical platform enabling MSMEs for cross-border wholesale in India.
ABOUT BEYOND CAPITAL VENTURES
Beyond Capital Ventures is an emerging markets impact venture capital firm, offering a diversified, dynamic, and de-risked portfolio. The firm invests in the next wave of innovations that address the growing needs of 1 billion+ consumers in India and East Africa. Beyond Capital Ventures first closed in Spring 2021 and will invest in conscious leaders building businesses to address growing needs in "need-to-have" sectors, primarily in healthcare, agriculture and financial inclusion. The fund will also pioneer an Equitable Venture structure that provides Series A level founders in the portfolio with a profit share in the GP carry.
https://www.beyondcapitalventures.com
Media Contact
Mathilde Beniflah, Beyond Capital Ventures, 1 3478644887, mathilde@beyondcapitalventures.com
SOURCE Beyond Capital Ventures
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