Jaipur-based online jewellery retailer Voylla.com is likely to close a $10 million Series A funding round by next month.
Speaking to Indiaretailing, Jagriti Shringi, Founder and COO, Voylla, confirmed the news and said, “Yes, we are in talks with a few investors. However, we will not be able to share any details about them right away. We will be closing this round of funding by next month. ”
Launched in 2012, Voylla.com sells jewellery and accessories for men, women and kids on its own portal as well as on other online marketplaces. It currently has three offline stores in Bengaluru, Pune and Nagpur and is planning to use the fresh funds to strengthen its offline presence, for new recruitments, and to add more features on its new mobile app.
“We are planning to launch 25 shop-in-shops across the country in tie-up with retail chains like Future Group’s Central and franchisee stores in most tier-II cities by end of this year,” Shringi informed.
The startup offers more than 10,000 designs in imitation, silver and 14-18-karat gold jewellery under its portfolio. All the pieces are designed in-house at a company warehouse in Jaipur. “We have a wide variety and styles of both imitation and precious jewellery on our portal. Precious jewellery starts from Rs 12,000 and goes up to Rs 50,000, while non precious pieces are priced between Rs 99 and Rs 7,000-8,000,” Shringi said.
While the portal has grown by 400% year-on-year and the number of visitors have increased by 30%, Shringi feels that consumers still like to touch and feel jewellery products before buying. “While the online channel is working very well, its contribution is a mere two per cent while the rest is from offline sales. Though is an era of omnichannel retail, the offline channel cannot be ignored by any brand,” she noted.
Elaborating about this O2O (Online to offline) model Jagriti adds,” Moreover, we have managed to collect a lot of data about consumers prefence, their shopping behaviour, price sensitivity etc through our online portal. Now its time to bank on the data collected and create a seamless shopping experience for our consumers”.
Voylla.com reported revenues of Rs 6 crore in the last financial year. Around 70 per cent of its revenue is derived from jewellery while accessories account for the remaining. The average order ticket at Voylla is Rs 1,100. “We expect to clock Rs 33 crore in revenues this fiscal on the back of the offline channel multiplication,” Shringi said.