Voylla.com Raises $15M fresh funding from Peepul Capital
Jaipur based Fashion Jewellery Brand Voylla (Voylla Fashions Pvt Ltd) has raised ~$15M in fresh funding from private equity firm Peepul Capital. The funds will be used for brand building, expansion of the distribution network, investments in technology and enhancement of manufacturing capacity.
Founded in 2011, Voylla manufactures and sells Jewellery under the ‘Voylla’ brand. The Company has an omni-channel strategy, retailing the Jewellery on its ‘Voylla.com’ web portal, Online marketplaces and through Physical stores. Voylla is integrated with over 30 Online marketplaces and has 3 shop-in-shop Stores in the country. The Company plans to expand its physical store network significantly and also enter International markets.
The Fashion Jewellery Market in India is highly fragmented and the Market size is estimated at USD 2.4 Billion. The growth rate for Fashion Jewellery is forecast to be higher than that of Precious Jewellery at 22% CAGR in the next 3 years. With a firm hold on manufacturing, technology led design curation and demand forecasting, Voylla has created a strong position in the Online Fashion Jewellery market. It has established early leadership in this market and is on its way to building an aspirational lifestyle brand that will stand for design aesthetics, product quality and variety.
Supported by a large database of 35,000 unique designs and the addition of 300-500 new designs every week, Voylla has a large and growing base of over two hundred thousand customer’s pan-India.
“We are excited about the partnership with Peepul Capital and confident that the capital infusion will help us establish Voylla as a Market Leader in the Fashion Jewellery market. With strong product focus and expansion of distribution reach, we expect significant growth this year” said Vishwas Shringi, Founder and CEO of Voylla.
Surya Mantha, Investment Director at Peepul Capital, added, “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 and – last but not the least – a terrific leadership team, Voylla is uniquely positioned to create a valuable business and life-style brand over the coming quarters and years. We are excited to partner with Voylla in their growth journey”.