A funding of $1 million has been secured by Velvetcase, a Mumbai-based global designer jewellery e-store, from The Chennai Angels. The investment was led by The Chennai Angels members Kayar Raghavan and Lakshmi Potluri with participation from other angel investors like Jacob Kurian, Jerry Rao and Arihant Patni. Velvetcase, which was founded in 2012 with the concept of collaborating with leading designers across the world, has a notable customer delight area – its jewellery is priced at 30-50% less than market price. “We are building a global platform connecting creators of design and consumers of design using innovative technologies,” said Kapil Hetamsaria, co-founder of Velvetcase.com.
The start-up gets about 15% of its revenue from international markets and is growing at 200% year-on-year. The prime competitors of Velvetcase include Tiger Global Management-backed CaratLane and K Ganesh- and Accel Partners-backed BlueStone. It was in the news last week with the announcement that it would design the 15 kilogram trophy for the International Premiere Tennis League
Last year, a report published that Real Estate was the top choice for investors, beating software and services by a good margin. Not surprisingly, that has changed in 2014. E-commerce received the highest amount of funding – $602 million, while last year’s favourite sector, Real Estate, received about $90 million in funding.
For the visual thinkers, here is a chart included.
If you’re wondering who is investing in ecommerce, here is a visual representation.
People believe in striking while the iron is hot. India is slated to cross 300 million internet users before 2014 ends. Besides, who doesn’t want to ride the e-commerce wave, considering how fast the sector is booming? Apparel and electronics were the favoured children of ecommerce, but now jewellery is fast catching up. It won’t be long before most wedding shopping will happen not in a matter of months, and by running from pillar to post but instead sitting in the comfort of one’s home within a few days!
Editor team is specialized in introducing the marketplace content targeting the Indian online sellers. They plan and coordinate to bring the appealing content for the small businesses on how to partner with the e-commerce sites like Amazon and Flipkart and strategies for improving their online business.
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