A Retail startup that focused on an innovative handmade lifestyle, Rare Planet (1) received undisclosed funding from Venture Catalysts, India’s first and largest incubator, and Uni-M Ventures, based in Kolkata in Pre Series A funding round.
Other participation of the latest fundraise includes Co-founder of Wow! Momo, Sagar Daryan, its existing investor, and several leading angel investors. The company claims that the recent infusions indicate their faith in the vision and mission of the firm.
Ranodeep Saha and Vijay Kumar founded Rare Planet in 2015. It aims to promote indigenous handicrafts of India and empowering local artisans by providing them suitable employment opportunities. Notably, the startup has helped over 2,000 artisan families from rural areas. They have registered about a 120% percent increase in their average income. Meanwhile, the company is aiming to do the same for millions of artisans across India.
Rare Planet to Create Greater Value for Rural Artisan of India and to take Their Handicrafts Across the Globe
Ranodeep Saha, the Co-founder, and CEO of Rare Planet commented on the recent infusions, stated that the pandemic had a significant impact on the economy. However, in such a scenario, getting investments from top ventures like Venture Catalysts, Uni-M Ventures, and Sagar Daryani demonstrates our business model’s strength.
He added that the team of Rare Planet is committed to create a better value for rural artisans and to take their handicrafts to a broader audience across the globe. Simultaneously, the company is looking to grow its profits every quarter.
At Present, Rare Planet has made its footprint in more than 100 locations across India and has retailed over 5 lakh units worth 200 Crore INR. With the latest infusions, the company plans to take handmade handicrafts, jewelry, and decor products of India worldwide. Notably, these products are made from ceramic, copper, terracotta, brass, marble, wood, etc. Moreover, it is also planning to disrupt the handicrafts market worth more than eight billion USD.