Online jewellery startup JewelMaze raises $4M from Brand Capital
Online fast fashion jewellery marketplace JewelMaze has raised $4 million from Brand Capital, the strategic investment arm of Bennett Coleman and Co. Ltd. According to the company, it will use the fund infusion for rapid expansion and widen its product base.
Founded in 2016, JewelMaze is a fashion jewellery brand which runs a vertical marketplace. The brand has its flagship store in Mumbai and is also listed on ecommerce marketplaces, including Amazon, Flipkart, Shopclues, and Snapdeal among others.
Speaking on the fund raise, Ritesh Barbhaya, CEO of JewelMaze, said,
"The funding is the result of the brand's focus on delivering quality products and building an online community with a robust ecosystem committed to delight the customer. We are very pleased to have Brand Capital as an investor which in turn provides us access to the BCCL platform enabling us to reach a wider audience."
The brand has successfully executed more than 2 lakh orders. One of the key focus areas for the startup is to provide a platform for jewellery designers to showcase their creations and connect with manufacturers, re-sellers, whole sellers, and exporters in an otherwise unorganised industry.
This focussed area will bring an advantage to the platform and bring together the best brands and manufacturers on one platform to offer the latest fashion jewellery trends at the most affordable price for the end customer.
Sam Subramaniam, CEO of Brand Capital, added,
"Brand Capital continues to encourage ambitious entrepreneurs and we believe that this partnership will create a destination for young India to continuously upgrade to the latest fashion jewellery trends."
The brand also has an app that is available on Google Play Store.
Other investments of Brand Capital include online food discovery platform, InnerChef; Mumbai-based online preparation platform, Toppr; home furnishing startup Homelane along with Singapore-based skill validation platform, Indorse.
(Disclaimer: The following story has been curated from PTI through its partnership with Business Wire India.)