Goldsetu Pvt Ltd, a software-as-a-service platform for jewellery retailers, has closed its ongoing seed funding round at $2.3 million (around Rs 19 crore). The startup raised $1.1 million (around Rs 9 crore) in the latest tranche led by 2am VC, Broom Ventures and Magic Fund.
Individual investors including Razorpay’s Harshil Mathur, Mamaearth’s Varun Alagh, Akshay Saxena, and Zephyr Peacock’s Pankaj Raina, also participated in the latest fundraise.
Close on the heels of its additional seed capital raise, the Bengaluru-based startup has also announced to acquire business-to-business (B2B) jewellery e-commerce firm BuymyJewel for an undisclosed amount, marking its first foray into the B2B segment.
Goldsetu will deploy the fresh proceeds to scale up its tech platform, boost B2B product offerings and roll out supply chain financing. The startup further said that with the new acquisition, it aims to strengthen its B2B portfolio and deepen its jewellery market penetration.
Founded by Vikas Verma and Anuj Sachdev, Goldsetu helps jewellery retailers to automate the workflows, create a digital storefront, digitally engage with customers, and offer more products and services to their customers.
“We have access to over 5,000 jewellery outlets and an inventory of over 10,000 unique designs. We are growing 30-40% month-on-month and targeting to hit an annualized revenue run rate (ARR) of $10 million in this financial year” said Verma.
Goldsetu secured around Rs 8 crore in a seed financing round in February, led by Village Global, Better Capital, Titan Capital, iSeed and Anjali Bansal of Avaana Seed. The funds were utilized to introduce new product offerings and expand to other geographies, it said.
