Fashion jewellery brand Sukkhi Online raises $7 m from Carpediem Capital and Duane Park
Contemporary fashion jewellery brand, Sukkhi Online raised $7 million from Carpediem Capital and Duane Park.
Founded by Bhavesh Navlakha with minimum capital in 2012, Sukkhi Online is a contemporary fashion jewellery brand. It aims to provide quality and trendy fashion jewellery at competitive prices. On October 29, 2018, the company raised $7 million from Carpediem Capital and Duane Park.
The fund will largely be used to grow Sukkhi Online's brand and reach its last mile customers across the country and globally, said Bhavesh in a press release. "We are excited to have Carpediem Capital and Duane Park support us in building a fashion jewellery with unique designs at best prices for customers from all walks of life," he added.
As a part of the investment, Anurag Bhargava of Duane Park has joined the board as Chairman. He said, "Sukkhi Online is a formidable brand in the fashion jewellery segment. The company has a highly motivated and talented team. I am excited to join as the Chairman to shepherd growth in the online channels, including kiosks, shop-in-shops and exclusive outlets."
Additionally, Hithendra Ramachandran, MD of Carpediem Capital, joined the company's board as a Director. He said, "Over the last five years, Sukkhi has grown as a highly reliable consumer brand. We believe that fashion jewellery is poised to grow leaps, and it will play a key role in building this category."
What started as an online-only brand, Sukkhi Online has now widened its reach by being present in 27 different marketplaces and having expanded to two international markets as well. It also contributes socially by employing a large number of slum and rural women.
The company's website was launched in October 2016 and is claimed to be the source of one-third of its revenue.
Growing at a CAGR of over 100 percent since inception, the brand claims to be the highest selling brand in Amazon and Flipkart's fashion jewellery category.