Velvetcase, India based online jewelry portal has raised its second round of funding led by Uniqorn Ventures Fund. The funding round also saw participation from a couple of high profile ventures including TV Mohandas Pai and S. Somasegar. Also, the existing investors in the startup, The Chennai Angels participated in a round which is speculated to be worth $1.5 – $2 Million. Prior to this, it had raised INR 60 Million in 2014 from The Chennai Angels.
Velvelcase, owned and operated by Bodhi Brands Pvt Ltd, was founded by Runit Shah and Kapil Hetamasaria in 2014. It started as a platform to sell customized designer jewelry, however, soon it turned towards being a marketplace model and currently, boasts of over 300 sellers from 30 Indian cities.
Speaking on the development, Kapil Hetamasaria, said that the company is looking to provide better features to the sellers including helping them to set their own personalized store. For the same, they are looking to develop technology or to acquire a startup working in the same domain. Also, the plan is to market the brand and get at least 100 sellers on the board.
The company is also planning to go offline with setting up offline kiosks independently or with the help of partner brands. It even exports the products to the foreign countries and the export takes around 10% of the total sales.