New Delhi, Oct 5 (PTI) Jaipur-based fashion jewellery brand Voylla has raised USD 15 million (About Rs 98 crore) in funding from 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 said in a statement.
Founded in 2011, Voylla manufactures and sells jewellery under the ‘Voylla’ brand. The company has an omni-channel strategy and uses its own online store, 30 online marketplaces and three shop-in-shop stores in the country.
Previously, the company had raised Rs 13 crore from Pune-based Snow Leopard Technology Ventures as well as an angel investor.
The company plans to expand its physical store network significantly and also enter international markets, it said.
The fashion jewellery market in India, though highly fragmented, is estimated at USD 2.4 billion and is forecast to grow at 22 per cent CAGR in the next three years.
“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,” Voylla founder and CEO Vishwas Shringi said.
With strong product focus and expansion of distribution reach, Voylla expects significant growth this year, Shringi added.
