Jaipur-based fashion jewelry brand Voylla has raised $15M in fresh funding led by private equity firm Peepul Capital. The funds will be used for brand building, expansion of the distribution network, investments in technology and enhancement of manufacturing capacity.
Voylla manufactures and sells jewellery under the ‘Voylla’ brand and has an omni-channel strategy, retailing the Jewelery on its web portal, online marketplaces and through brick & mortar stores. The company has three stores currently, and plans to expand its physical store network significantly along with marking an entry into the Indian diaspora market.
Voylla claims to have 35,000 unique designs and add 300-500 new designs every week. It had raised two rounds of fund in 2012 and 2013 from Snow Leopard Technology venture and others.
“We are excited about the partnership with Peepul Capital and confident that the capital infusion will help us establish Voylla as a Market Leader in the Fashion Jewellery market. With strong product focus and expansion of distribution reach, we expect significant growth this year” said Vishwas Shringi, Founder and CEO of Voylla.
The fashion jewelry market in India is highly fragmented and the size of opportunity is estimated at USD 2.4 billion. The growth rate for fashion jewelry is forecasted to be higher than that of precious jewelry at 22% CAGR in the next three years.
With a firm hold on manufacturing, technology led design curation and demand forecasting, Voylla seems to grow steadily in the online fashion jewellery segment.
Surya Mantha, Investment Director at Peepul Capital, added, “Fashion jewelry is a large but fragmented and fast growing market. With its manufacturing capability, ecosystem relationships, strong technology expertise, a differentiated “digital first” distribution strategy, Voylla is uniquely positioned to create a valuable business and life-style brand over the coming quarters and years.”
The fashion conscious Indian woman with increasing income is driving the fashion and imitation jewelry market in India. The sector primarily targets young women professionals and has witnessed the emergence of various brands over the past three years. Smaller cities and omni-channel strategy adopted by brands have steered the demand in a big way.
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The company competes with Juvalia & You, YouShine and Ornativa among several others. According to some media reports these startups are also struggling to compete with Chinese manufactures who have made decent inroads in Indian market.
With this capital bolster Voylla will open-up more brick & mortar store and ramp-up its online offering. Proceedings will also help it to tackle competition in a better way.