eJOHRI Jewel Hub Pvt. Ltd, an omnichannel jewellery startup, has raised $1 million (about Rs 7.08 crore) in a funding round from a clutch of investors led by Hong Kong-based Rajesh Ranavat.
The startup said in a statement the investment will help jewellery retailers in over 100 cities in India access consumer bases across the country and overseas.
“We are extremely fortunate to have like-minded investors who are not just funding our growth but are also closely involved with the strategy of the business,” company co-founder Jignesh Mehta said.
Another co-founder, Shailen Mehta, said that the eJOHRI platform allows customers to choose from over 18,000 designs from different retailers across the country. He added that there were significant opportunities in leveraging value across the fragmented jewellery supply chain.
The company says its omnichannel approach allows potential customers to try products before they buy them, letting them book an appointment with a jeweller and visiting their store at their convenience. Some of the retailers it says who offer their products on its platform include PNG Jewellers, Ranka Jewellers, Waman Hari Pethe and DP Jewellers.
Other jewellery startups with an online component that eJOHRI competes with include Melorra, Sukkhi and Bluestone.
In October this year, Melorra raised $12 million in a Series C funding round from investors including existing backers Lightbox Ventures India and BlackSoil Capital. Family offices also took part, including those of Ravi Sheth of the Great Eastern Shipping Company, Burmans of fast-moving consumer goods group Dabur, Rainmaker Ventures, and the Jeejeebhoy family office.
In October 2018, homegrown private equity firm Carpediem Advisors Pvt. Ltd led a Series A investment round of $7 million in Sukkhi. Mumbai-based Sukkhi said that it would use the money to establish itself as an omnichannel brand.
In March that year, Bengaluru-based jewellery e-tailer Bluestone raised $5.87 million from investors such as Accel, Kalaari Capital, Ivycap Ventures, RB Investments, Iron Pillar Fund and India Infoline Finance Ltd.