Fashion jewellery and accessories e-tailer, Voylla.com, operated by Jaipur-based Voylla Fashion Pvt. Ltd, has raised $15 Mn in fresh funds from Peepul Capital, according to a press release. The company will use the funds in enhancing its technology, brand building, enhancement of manufacturing capacity, and for offline expansion.
Surya Mantha, investment director of Peepul Capital, will join the board of the company.
Voylla, which was founded in 2011, is integrated with over 30 online marketplaces, 25 in India, including Flipkart and Snapdeal and the rest in the US, the UK, Singapore and Middle East. Besides this, it also has three shop-in-shop stores in India in partnership with Future Group’s Central Mall.
With the fresh funds, the e-tailer plans to expand its physical store network to 100 outlets. It will set up 40 exclusive stores across the country while the rest would consist of shop-in-shop and franchise outlets. The shops would be set up in high streets and malls, and the first one will be in set in West Delhi’s Rajouri Garden in a month.
Vishwas Shringi, Founder and CEO of Voylla, stated, “We are excited about the partnership with Peepul Capital and confident that the capital infusion will help us establish Voylla as a Market Leader in the Fashion Jewellery market. With strong product focus and expansion of distribution reach, we expect significant growth this year.”
Before this round, the company had raised close to $1.9 Mn (INR 13 Cr) from Pune-based Snow Leopard Technology Ventures and undisclosed angel investors.