Sukkhi Online Private Limited, a fashion jewellery brand selling ethnic and contemporary designs under the brand Sukkhi, has raised US$ 7million from Carpediem Capital and Duane Park.
With over a decade of experience in the jewellery business and modest seed capital, Bhavesh Navlakha founded Sukkhi in 2012 based on a vision to provide quality and trendy fashion jewellery products to consumers at competitive prices. Sukkhi is today one of the largest multi-category fashion jewellery brands in India catering to men and women.
Sukkhi started off as an online-only brand and has widened its reach to 27 different marketplaces, including 2 international ones. The company launched its own website Sukkhi.com in October 2016, which now contributes to one-third of overall revenues.
Sukkhi has been growing at a CAGR of over 100 percent since inception and is one of the leading highest selling brand in the fashion jewellery category on Amazon and Flipkart, as well as on most of the e-tailers on which the brand is listed. In the recently concluded sale period, Sukkhi strengthened its positioning by being one of the leading top-selling brand in fashion jewellery on both Amazon and Flipkart.
Speaking about the fund raise, Bhavesh Navlakha, Founder & CEO said, “Sukkhi has entered in its next phase of growth wherein the funding will largely be used to grow Sukkhi as an omnichannel brand in order to reach last mile customers across India and globally. We are excited to have Carpediem Capital and Duane Park support us in building a fashion jewellery brand, with unique designs at the best prices, for customers from all walks of life.”
As part of the investment, Anurag Bhargava of Duane Park has joined the board as Chairman, and Hithendra Ramachandran of Carpediem Capital has joined as Director. Anurag Bhargava said, “Sukkhi is a formidable brand in the Fashion Jewellery segment with great designs, superior quality, and a wide range of products. The company has a highly motivated and talented team, led by Bhavesh, and I am excited to join the board as Chairman to shepherd growth in the online channel as well as offline channels, including kiosks, shop-in-shops, and exclusive outlets. The company also contributes positively to women empowerment by providing employment to a large number of slum/rural women.”
Hithendra Ramachandran, Managing Director, Carpediem Capital said, “Fashion jewellery has been a large but highly fragmented market. Over the last 5 years, Sukkhi has grown as a highly reliable consumer brand, driven by design, quality assurance through warranty, and competitive pricing. We believe that fashion jewellery is poised to grow leaps, and Sukkhi will play a key role in building this category.”
Radix Capital Advisors was the exclusive financial advisor to the company on the transaction.