19 November 2015, Delhi: Online jewellery firm Fourseven , has raised INR 3 cr ($450,000) in a pre-Series A round of funding from Indian Angel Network (IAN). the funding is expected to be used forupgrading back-end technology, hiring people, marketing the brand in in other cities, and building offline channel for the brand.
The round was led by Rajiv Mehta and Sumit Dhingra from Indian Angels Network who will also be joining the board of the jewellery retailer.
The company was started by Rebekkah Kumar a Sloan School of Management alumnus. The company is currently operating in NCR, Mumbai and Bengaluru in addition to few tier 2 cities and is planning to ramp up marketing efforts in 2 more cities. The company is also looking at moving to geographies outside of India.
The jewellery market is estimated to be a $90 billion market. The increasing internet penetration in India is also leading to more and more people buying jewellery online.