New-Delhi based online jewellery startup Amama Jewels Pvt Ltd on Wednesday said it has secured seed funding of $250,000 (around Rs 2 crore) from venture capital fund She Capital.
The firm will deploy the fresh capital to scale up its digital and tech verticals and strengthen logistics and operations.
Amama was started by Nikita Gupta as a hand-embroidered jewellery company in 2018 but last year it rolled out its 22kt gold plated brass jewellery. Currently, it has an 80-member team and aims to launch its accessory line soon.
“This funding will allow us to bring our vision to life and create even more beautiful and meaningful pieces for our customers,” said Gupta.
She Capital is an early-stage venture capital focused on consumer tech startups run by women founders. Its portfolio includes consumer brands such as Samosa Singh, Yuva Kabaddi, and Nova Nova, among others. In March 2022, it marked its first cash exit with its portfolio company Clovia, in which Reliance had acquired a majority stake.
The investment in Amama marks She Capital’s first bet in online jewellery space and the fund’s second investment in a month. Last week, it had participated in the $2 million Series A funding round of Virtual reality (VR) startup SmartVizX.
The online jewellery market space has seen an upsurge in investment activity in the past year, with the industry slated to grow to $3.7 billion by 2025.
In January, men’s jewellery startup MetaMan acquired Mumbai-based luxury jewellery brand Drip Project for $1 million.
In May last year, Bengaluru-based omni-channel fashion jewellery retailer Kushal’s Retail Pvt Ltd secured $11 million from Motilal Oswal Private Equity. Similarly, Melorra had raised $16 million from Axis Growth Avenues, SRF Family Office, N+1, and existing investors, in the first leg of its Series D round.
Amama Jewels pits against the likes of Giva, Melorra and Kushal’s Retail Pvt Ltd.
