Men’s jewellery startup MetaMan on Tuesday said it has acquired Mumbai-based luxury jewellery brand Drip Project for $1 million (around Rs 8 crore).
The Bengaluru-based company said in a statement that the acquisition will strengthen its footprint in online jewellery business.
Drip Project is a hip-hop jewellery brand founded by Harsh Maskara and Rohit Golia in 2021. With this acquisition, Maskara will join as MetaMan’s co-founder and Golia as a member of the board of advisers.
MetaMan was launched in November last year by Anil Shetty and Raunak Samdaria. It counts actor Suniel Shetty, Zerodha's Nikhil Kamath, Accel partners' Prashanth Prakash and cricketer KL Rahul as among its investors.
The brand commits to enhance man's fashion quotient and targets rolling out over 100 new products this year.
“At MetaMan, we aim to accessorize men through our designs. This acquisition diversifies our businesses and extends our footprint, opening the door to growth and innovation,” said Shetty.
“Drip Project started as a passion project in our living room. It’s rewarding to see how in just 10 months, we paved our way to the forefront of the segment and became a name synonymous with hip-hop jewellery,” said Maskara and Rohit Golia.
Other players in this segment include Carat Lane, Bluestone, Melorra and Kushal’s, among others.
Last year, Bengaluru-based omni-channel fashion jewellery retailer Kushal’s Retail Pvt Ltd, secured $11 million from homegrown private equity fund Motilal Oswal Private Equity.
Similarly, Melorra raised $16 million from Axis Growth Avenues, SRF Family Office, N+1 and existing investors, in the first leg of its Series D round.