Infosys co-founder Kris Gopalakrishnan has co-invested in GoCoop Solutions and Services, a venture that provides an online global marketplace for cooperatives and community-based weavers and artisans.
The Bengaluru-based firm said it has closed an undisclosed Series A funding from investors, including Mr.Gopalakrishnan and Saha Fund. Existing investors Unitus Seed Fund and Indian Angel Network led by Naga Prakasam also participated in the round. GoCoop said that it plans to utilise the funds to enhance its marketplace technology platform and expand its buyer and seller base.
Helping artisans“I believe that GoCoop is fulfilling a large unmet, social market need with its disruptive business model,” said Mr.Gopalakrishnan whose net worth is over Rs.11,000 crore.
He said the firm matches his vision of using technology to sustainably solve problems and help artisans and rural entrepreneurs by bringing their products to the global market.
“We are focused on building a scalable and profitable enterprise which can generate significant social impact,” said Siva Devireddy, Chief Executive, GoCoop. GoCoop said its marketplace is ensuring a fair price for artisans from over 250 cooperatives and high-quality products to its customers.
The company said that India has over 9 million artisans and many of them are organised as cooperatives and community-based organisations.
Grappling with limited local reach, these artisans are often, heavily exploited by middlemen and traders resulting in low prices and unfair payment terms, according to the company.
