 "Voylla raises $15 million from Peepul Capital")
Voylla.com, a Jaipur-based online fashion jewellery brand, has raised $15 million (approximately Rs 98 crore) in a fresh round of funding from private equity firm Peepul Capital.
The funds will be utilised for brand building, expansion of distribution network, investments in technology and enhancement of manufacturing capacity, the company said.
Founded in 2011, Voylla manufactures and sells jewellery under the Voylla brand. The company has an omni-channel strategy, retailing the jewellery on its web portal, online marketplaces and through physical stores.
Voylla has over 30 online marketplaces and three shop-in-shop stores in the country. The company plans to expand its physical store network significantly and also enter international markets.
Supported by a database of 35,000 unique designs and the addition of around 500 new designs every week, Voylla says it currently has a base of over 200,000 customers, pan-India.
“With strong product focus and expansion of distribution reach, we expect significant growth this year,” Vishwas Shringi, founder and chief executive of Voylla, said in a statement.
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The fashion jewellery market in India is highly fragmented and the market size is estimated at $2.4 billion. The growth rate for fashion jewellery is forecast to be higher than that of precious jewellery at a compound annual growth rate of 22% in the next three years.
“Fashion jewellery 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,” said Surya Mantha, investment director at Peepul Capital.