4.10.2016 New Delhi: Gurgaon-based Inventive Business Promotions Pvt Ltd which owns and operates online platform for art and craft goods, World Art Community has raised second round of funding of $200,000 from existing investors and more, the company announced today.
The startup which had raised $200K from serial entrepreneur and angel investor VirajTyagi and another unidentified investor in May 2015, will use the proceeds from the Series A round of funding to automate its online platform and expand to new cities across country and abroad.
WorlArtCommunity was launched in December 2014 by IIT alumnus Shobhit Arora who has previously worked with GE and Standard Chartered Bank. He was leading divisions such as sales and marketing in both the organisations. The startup enables artists, craftspersons and designers to create their own online stores and sell their creations. It charges 10 per cent commission on every successful transaction through its platform.
“Since the last round, we’ve grown multiple times. From 200 sellers at the time we took the last round we are over 3,000 registered sellers. Likewise customer base has gone up significantly” said Shobhit Arora, Founder & CEO, WorldArtCommunity.com.
He also added, “The purpose of this round is to multiply the existing module which is performing well and to build our technology platform further for international market. Our objective is to move towards near self sufficiency within next 12 months”.