Online jewellery store, Voylla.com has raised Rs 2.5 crore angel investment from Snow Leopard Technology Ventures, reports TechCircle adding that Chris Kolenaty will be joining the company board as part of this investment. The company had previously raised Rs 1 crore angel funding from a group of investors in October 2012, as indicated by the report.
Speaking to Medianama, Vishwas Shringi, Co-Founder & CEO of Voylla said that the company will use the funds for offline & online marketing initiatives. Voylla also plans to set up a bigger warehousing facility near Delhi NCR region.
Voylla originally started as an online apparel store in May 2012 by Vishwas Shringi and Raj Upakar. However, they later pivoted to focus on designer jewellery and accessories for women. Shringi said that they pivoted since providing fitting for apparels was turning out to be an issue for the company.
Voylla claims to offer over 3000 products including designer jewellery and accessories like shawls, bags, stoles and scarfs and claims to get around 100-150 orders a day with maximum number of orders generating from North India. It also claims to ship products within 5-7 days of the order and claims to ship products to over 6000 pin codes in India.The company charges a flat shipment fee of Rs 50 for orders below Rs 500, while orders above Rs 500 get free shipping.
Competition: Jewellery company Gitanjali Group had partnered with Times Internet’s Indiatimes Shopping to launch an online jewellery shop Gitanjalishop.com in December 2012. CaratLane.com is also an online jewellery store that had raised $6 million from Tiger Global in June 2011. The company had also launched a physical Solitaire experience lounge in New Delhi and Hyderabad.
There are also other international online jewellery stores that have launched their operations in India including Rocket Internet-backed 21Diamonds.in which had launched its operations in June 2012 and Berlin-based online fashion jewellery company Juvalia & You which launched its Indian operations in June 2012. Apart from these online stores, there also several offline jewellery brands like Tata Group’s Tanishq, Bhima Jewellers, Josco Jewellers and Abharan Jewellers, among others that also offer their jewellery for sale online.
Yebhi.com had also acquired a fashion jewellery eStore Stylishyou.in in May 2012 and had integrated all products available on stylishyou.in within its catalog. As part of the acquisition, Founder Shraddha Dadani had joined Yebhi as its Head of Jewelry.