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Delhi NCR-based Fourseven, an online jewellery store, has raised around $453K (INR 3 Cr) in angel round of funding from Indian Angel Network (IAN). As part of the deal, Sumit Dhingra and Rajiv Mehta, who had led this round of investment on behalf of IAN, will join the board of the company.
The secured funds will help the startup in expanding its team, grow its customer base and revenue in addition to help launch new products to markets and invest in its technology platform.
Founded in March 2014 by Rebekkah Kumar, Fourseven, is a jewellery brand that offers uniquely crafted jewellery made exclusively for Indian women. By providing contemporary and high quality designs, the company aims to fill in the gap between the low end artificial/costume/junk segment and the high end gold/diamond segment.
At present, the company is concentrating on selling premium jewellery under the Fourseven brand. It uses an omni-channel model that combines both online marketplace channels and strategic offline retail stores.
Recently, the company opened its business and design centre in Gurgaon. In the future, it is planning to venture into men’s fashion. It recently held a preview of its upcoming men’s clothing line.
The Gem and Jewellery industry in India is expected to reach around $90 Bn by 2018.
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