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Voylla secures $15M from Peepul Capital

voylla

Online jewellery store Voylla.com has raised $15 million in a fresh round of funding from Peepul Capital. The platform will use the funds for brand building, expanding its distribution network, investing in technology and increasing its manufacturing capabilities.

As of now Voylla manufactures jewellery under the ‘Voylla’ brand and sells it via its own web portal, over 30 other online marketplaces and 3 of its own physical stores. The company mentions that it will look to expand its physical store network ‘significantly’, while also entering international markets.

Brick & mortar stores: Interestingly, Voylla had said in October last year that it would open 10 brick and mortar stores across the country by the end of the year, including its first outlet at Nagpur central mall, however, as of now it seems to have only 3. Note that, it’s not clear if the platform will use a franchisee model for its brick and mortar stores, or look to launch its own stores. Voylla currently claims to have a database of over 35,000 unique designs with 300-500 new designs added every week. As of now, it also claims to have served over 200,000 customers in India.

Prior to this, Voylla raised Rs 2.5 crore angel investment from Snow Leopard Technology Ventures in May 2013. It had also raised Rs 1 crore angel funding from a group of investors in October 2012 from undisclosed investors. Founded in 2011 and launched as an online apparel store in May 2012, the platform later pivoted to focus on designer jewellery and accessories for women.

Competition:

– In July, online jewellery store BlueStone raised $16 million in funding from Ivy Capital, Dragoneer and participation from existing investors Accel Partners, Kalaari Capital and Saama Capital. BlueStone had previously raised an undisclosed amount from Ratan Tata in September last year. It had also raised $10 million in investment in March, from Kalaari Capital, Accel Partners and Saama Capital.

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– In January this year, Caratlane raised $31 million in funding in a Series D round of funding from Tiger Global. Previously, the company had raised $15 million in a Series C funding round from the same investor in May 2013. The company had also raised $6 million from the same investor in June 2011 and Rs 30 crore in March 2012.

Others competitors include Gitanjali Group’s Gitanjalishop.com (opened in partnership with Times Internet’s Indiatimes Shopping), Berlin-based online fashion jewellery company Juvalia & You which launched its Indian operations in June 2012, and several other offline jewellery brands like Tata Group’s Tanishq, Bhima Jewellers, Josco Jewellers and Abharan Jewellers, etc. that also offer their jewellery for sale online.

There is also Valyoo Technlogies’ JewelsKart, however Valyoo was looking to sell it off along with WatchKart and BagsKart to focus on its flagship online eyewear store LensKart. Rocket Internet backed jewelry eStore 21Diamonds.in had also shut down its Indian operations in June 2013, just a year after its launch.

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