Aavishkaar invests INR18.6 crore in US-based luxury brand Mela Artisans
Mela Artisans, a luxury brand based in the US, has received INR18.6 crore in investment from social venture capital group Aavishkaar Venture Management. The company will use the new capital for its local and international product expansion, according to The Economic Times.
Aavishkaar partner Noshir Colah said of the deal: "Mela was a compelling investment with its rare combination of established industry relationships with international retailers, significant backward linkages with artisan groups and excellent design capabilities culminating in an extremely competitive product."
The venture firm took its latest investment from Aavishkaar II, its second impact investment fund. The said fund focuses on startups in places in India with low income, such as Uttar Pradesh and West Bengal, the report detailed.
Although its current headquarters is in the US, Mela sources its luxury products from artisans in Uttar Pradesh, Rajasthan, and other places. The company was formed by Indian entrepreneurs Sonali Mehta-Rao and Navoze Mehta in 2010. The firm markets its products through its official site and in high-end retail stores in the US, Europe, and Latin America, The Economic Times reported.