ImpactAlpha, August 22 — Global retailers like Amazon, Alibaba and Target rely on artisans in developing countries for handmade goods. But makers often aren’t fairly compensated or recognized for their work.
Delhi-based Lal10 says it is helping artisans sell their products at the best price, and on average, helping them increase their income by 25%. The company’s wholesale online marketplace connects 2,200 local artisans with more than 400 global retailers for Indian handloom and handicraft products. The handicraft sector is India’s second-largest employer (after agriculture).
Women-led Beyond Capital, an emerging markets impact fund, led Lal10’s $5.5 million bridge financing round.
Digitalization
Lal10 is looking to help 1.2 million Indian artisans reach the global market. “India has a production appetite of over $160 billion,” said Lal10’s Maneet Gohil. Smaller cities like Bhagalpur, Pochampally, Maheshwar and Amroha “are yet to come on the global map.”
Lal10 secured $1.1 million in a 2020 round backed by Sorenson Impact and Upaya Social Ventures.
