Gurgaon-based Fourseven Services Pvt. Ltd, which runs jewellery and accessories portal Fourseven.in, on Thursday said it has raised Rs.3 crore from early stage investor Indian Angel Network (IAN). The round was led by Sumit Dhingra and Rajiv Mehta, who will also join the company’s board.
The firm will use the funds to expand the team, increase product range, enhance technology and set up offline stores, including kiosks and shop-in-shop outlets.
The company sells Fourseven-branded premium and contemporary jewellery. It claims its designs are a blend of Western styles and Indian heritage, leveraging Indian craftsmanship. It designs the products in-house, which are then made by manufacturing partners across the country.
It currently has over 1,000 SKUs (stock-keeping units) across items such as bracelets, anklets, necklaces, rings and earrings.
The company recently opened its business and design centre in Gurgaon. It will soon include a small retail space for meeting customers and partners.
The company was launched by Rebekkah Kumar, formerly a product manager with Microsoft, in March 2014.
“The gems and jewellery industry’s total market size in India is supposed to touch $90 billion in 2018. The growing Internet penetration has made consumers used to the concept of buying jewellery online. This is a great time for Fourseven to hit the market and make a strong place for itself,” said Dhingra.
The start-up is likely to lock horns with companies such as Jaipur-based Voylla Retail Pvt. Ltd, which owns and operates fashion jewellery and accessories e-tailer Voylla.com. Voylla raised $15 million in fresh funds from private equity firm Peepul Capital last month.