Ethnic fashion jewellery e-commerce startup Sukkhi has raised $7 million (around INR 51 crores) from Mumbai-based private equity firm Carpediem Capital and Duane Park in a funding round. As a part of the deal, Duane’s Anurag Bhargava will join Sukkhi’s board as Chairman and Hithendra Ramachandran, MD of Carpediem Capital will join as Director.
Sukkhi plans to utilize the funds to promote and bloom its omnichannel brands and grow its presence across India and international markets. Founded by Bhavesh Navlakha six years ago in 2012, the brand started as an online-only retailer of fashion jewellery. Slowly the startup expanded its presence across 27 different marketplaces including two international ones.
“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 currently offers ethnic jewellery for both men and women across various categories including but not limited to bangles, rings, necklaces and earrings at affordable and competitive prices. In October 2016, the startup launched its in-house website which now contributes to 33 per cent of its overall revenues.
The startup also sells its products through various e-commerce platforms like Amazon, Flipkart, Limeroad, Jabong and Myntra among many others. Since its launch, the startup has witnessed a 100 per cent CAGR.
As per current trends, around 95 per cent of fashion jewellery are sold via offline channels in India. And the market is largely unorganized. Sukkhi is planning to tap into this vast sector thorugh its omnichannel strategies.
Voylla, Shree Hari and Pipabella are some of the major competitors in this space. The Indian fashion jewellery market has a potential of around $2.4 billion and will grow at a CAGR of 22 per cent over the next three years, according to Hithendra Ramachandran.