Sukkhi raises ₹51 crores from Carpediem Capital & Duane Park

Online ethnic fashion jewellery startup has raised around ₹51 crore

($7 million) in a funding round from Mumbai-based private equity firm Carpediem Capital and Duane Park.

As part of the deal, Anurag Bhargava of Duane Park will join the board as Chairman, and Hithendra Ramachandran, Managing Director of Carpediem Capital as Director.

The funds raised will be used to kick off its omnichannel brands, in order to grow Sukkhi’s presence across India and the overseas market.

“We have entered in its next phase of growth wherein the funding will largely be used to grow “Sukkhi” as an omnichannel brand in order to reach last mile customers across India and globally” said Bhavesh Navlakha, founder & CEO, Sukkhi.

Sukkhi Online Private Limited, the entity that owns and operates the brand Sukkhi, was founded by Bhavesh Navlakha in 2012. Sukkhi started as an online-only brand of fashion jewellery, has not expanded its presence across 27 marketplaces, including two international ones.

Use Of Funds

The startup offers ethnic men and women jewellery across various categories like bangles, earrings, rings, and necklaces, at competitive prices. The startup launched its own website in October 2016, which contributes around one-third of its overall revenues.

Sukkhi sells its products across other e-commerce platforms like Amazon, Flipkart, Limeroad, Myntra, and Jabong. The startup has grown at over 100% CAGR, since its inception.

With around 95% of the fashion jewellery sales happening offline in India, Sukkhi is looking to tap into this vast market through its omnichannel strategy, according to Navlakha.

Other players competing with Sukkhi in the online fashion jewellery space include Voylla, Shree Hari, Pipabella, among others.

According to Hithendra Ramachandran, MD, Carpediem Capital, the Indian fashion jewellery market is highly fragmented, it has a potential opportunity of around $2.4 billion. With an expected growth of around 22% CAGR, over the next three months, there is a huge opportunity for businesses to grow.

  • Share your mind about this:

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

Agri-tech startup DeHaat raises pre-Series A funding
Amazon-Backed Acko Raises Fresh $65 Mn In Series C Funding
Opposition Leaders hail IAF, PM Modi says ‘Nation in Safe Hands’
Live streaming app Bigo announces $100 Mn
Alibaba buys 14% stake in China courier firm in $693M deal
Hyundai in talks with Ola to pump upto $300 Mn as strategic fund
Grofers raises $60 Mn in Series F round from SoftBank
Basic Dining Table Etiquettes That You Should Follow
Samsung Galaxy S10 series India launch date revealed
HDMI 2.1 Explained: Everything You Need to Know in One Place
Xiaomi Mi MIX 3 5G version likely to launch on February 24
Paytm Plans To Launch OTT Services, Begins Hiring Process
Softbank-backed OYO to acquire FreshMenu in a $50-60 Mn deal
DesignCafe bags Rs 200 cr funding from WestBridge Capital
OnePlus Explorer Backpack goes on sale for Rs. 4,990
Bengaluru startup Doodhwala to raise ₹85 crore