Delhi-based Fourseven Services Pvt Ltd, which runs an online fashion jewellery and accessories store under the brand Fourseven, has raised Rs 3 crore ($450,000) in its pre-Series A round of funding from Indian Angel Network (IAN).
Sumit Dhingra and Rajiv Mehta have led this round of investment on behalf of IAN and will also be joining the board of the company.
Fourseven was launched in March 2014 by Rebekkah Kumar, an alumnus of Sloan School of Management who has previously worked with Microsoft.
The firm essentially deals in semi-precious fashion jewellery and accessories and competes with the likes of Voylla, Juvalia & You and YouShine. It seeks to fill the gap between the low-end artificial segment and the high-end precious metals jewellery segment comprising gold and diamond.
The firm said it will use the capital to expand the team, grow revenue and the customer base, bring new products to the market, and invest in its technology platform. The company functions on 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.
“The gem and jewellery industry’s total market size in India is expected to touch $90 billion in 2018. The growing internet penetration has made consumers used to the concept of buying jewellery online. This is a great time for Fourseven to hit the market and make a strong place for itself,” said lead IAN investor Sumit Dhingra.
The most funded player in this vertical of e-commerce is Voylla.com that secured $15 million (about Rs 100 crore) in fresh funding from private equity firm Peepul Capital last month.
In another recent deal, Mumbai-based Pipa Bella Accessories Pvt Ltd, the company behind private label non-precious jewellery e-tailer Pipa + Bella, secured $600,000 (Rs 3.8 crore) in a pre-Series A funding round led by Singapore-based LionRock Capital in July this year.