Delhi/NCR based Fourseven, an online jewellery store that houses jewellery and accessories, has raised Rs. 3 crore in its pre-series round from Indian Angel Network (IAN). Sumit Dhingra & Rajiv Mehta have led this round of investment on behalf of IAN and will also be joining the board of the company. The new funding will be used to expand the team, grow revenues and the customer base, bring new products to market and invest in its technology platform.
The company was launched in March 2014 by Rebekkah Kumar who was a Microsoft product manager in the eCommerce space.
Fourseven is in synergy with the ongoing national initiative, Make in India, as the company’s products are designed in-house and are “Made In India” with manufacturing partners across the country. Its designs are a blend of Western style concepts mixed with Indian culture and heritage, leveraging Indian craftsmanship.
At present, the company is focused on the business of selling Fourseven-branded jewellery through an omni-channel model that combines both online domain and marketplace channels with strategic offline retail channels. The venture recently opened its business and design centre in Gurgaon, and the new office will be the centre of its business activities.
The gem and jewellery industry’s total market size in India is supposed to touch $90 billion in 2018. The growing internet penetration has made consumers used to the concept of buying jewellery online. Other players operating in same space are BlueStone, CaratLane, Joolz, JewelsLane and Jewelsouk among others.