Craftsvilla Buys Clothes Rental Startup F2SO4 in An All Stock Deal
Sequoia backed online handicrafts marketplace Craftsvilla has acqui-hired women's clothes rental platform F2SO4 in an all-stock deal. Post acquisition, Craftsvilla will utilize the sizing and personalization platform developed by F2SO4 for customization of the made-to-order pieces on its platform.
Craftsvilla had previously acquired Mumbai-based logistics solution platform Sendd which was valued at close to Rs 30 crores. In February, it acquired food start-up PlaceofOrigin.
"We are also looking at acquiring companies which will make seller's life simpler through easy payments and reconciliation as well as catalogue management. The idea is to open up these digital platforms to third party users to create an additional stream of revenue," said Craftsvilla's Co-founder Manoj Gupta on the current acquisition.
In 2015, the company secured $34 million in Series C round of funding led by Sequoia India and LightSpeed Venture Partners and earmarked nearly $10 million to acquire companies in the data science and mobile technology space.
Also, Craftsvilla has taken multiple steps to increase its product portfolio, on-boarding men's ethnic wear and expansion to South East Asian markets. The marketplace was also piloting customized stitching for buyers on the platform and the current acquisition will be a part of the technology for ease of sharing designs between buyers and the tailors.
