Peepul Capital commits $15m to Indian online jeweler Voylla
Peepul Capital has committed $15 million to Indian online jewelry and accessory retailer Voylla.
The capital will be used to enhance Voylla's technology and manufacturing capacity, along with building brand awareness for the company's planned offline expansion, according to a Livemint story linked from Voylla's Twitter account. Voylla plans to grow its offline store network to 100 locations across the country, with up to 40 exclusive stores and the rest consisting of franchise outlets or in-store shops.
Founded in 2012 as a designer clothing retailer, Voylla switched to selling jewelry and accessories soon after. The company employs its own staff of designers, like rival online jeweler and recipient of VC funding BlueStone, and claims to offer about 35,000 unique designs.
Currently the company offers its products on 25 online marketplaces within India and five outside. It also has three offline locations, all in-store shops. Management believes that growing the offline presence is key to reaching a wider section of the Indian consumer market.
Voylla has previously raised about INR130 million ($2 million) from Snow Leopard Technology Ventures and other investors. As part of this funding round, Peepul's Investment Director Surya Mantha will join Voylla's board.
India's government has recently taken steps to improve labeling standards for gold jewelry. The move has helped online jewelers to establish their products' quality among customers who previously relied on trusted retailers with whom they had an established relationship.
Peepul commits early stage and growth capital investments to start-ups in India, Pakistan and Sri Lanka, with its most recent fund of $360 million having launched in 2010. It is focused on the customer products and services, IT, entertainment, media, and telecommunications sectors.
Previous investments include a $6 million commitment to radiology equipment maker Cura Healthcare and a $30 million round for digital advertising platform Komli Media.
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