Gurgaon-based Fortuna Retail Pvt Ltd, the company behind GemPundit.com, an online store for gemstones, has raised an undisclosed amount in seed funding from a group of individuals, including Anand Kumar, partner of Mumbai-based law firm Sand Hill Counsel. The funds will be used to expand its team and revamp the company, GemPundit’s CEO Nitin Yadav told VCCircle.
"We have added seven people to our team last month, and we are now looking to add another eight next month," said Yadav.
The startup was founded in August last year by Yadav, a serial entrepreneur with experiences in online marketing and e-commerce operations. Prior to starting Fortuna, he had also co-founded a few firms including Atoot.com and LoveArranged.in.
GemPundit.com sells loose gemstones and coloured gemstone jewellery across 40 different categories. These include sapphires, emeralds, rubies and natural pearl, besides semi-precious stones like amethyst, topaz, malachite and lapis lazuli.
Currently, GemPundit gets the maximum number of orders from individual customers, astrologers and jewellers across Delhi, Mumbai and Bangalore.
Yadav claims that the startup has nearly 10,000 SKUs (stock keeping units), and it is now planning to add 5,000 SKUs every month. The firm targets Rs 25 crore revenue by the end of 2015.
GemPundit is also looking to raise a fresh round of funding worth $2-10 million. “This capital will be used to expand our operations to international markets including the UK, Australia and Canada. We are also planning to set up a small office in the US in mid-2015,” Yadav added.
Other companies operating in the online jewellery space include CaratLane.com and BlueStone.com.
(Edited by Joby Puthuparampil Johnson)