VelvetCase.com announces second round of funding from marquee investors
VelvetCase.com has secured its placement in the second round of funding from marquee investors in the industry, says reports. This round of funding will be utilised towards technology, marketing and seller acquisition. The report says that the company has raised upwards of US$1.5 million in this second round of capital infusion. As per reports, this round of funding was led by Uniqorn Ventures Fund, along with participation from well-known angel investors-T.V. Mohandas Pai and S. Somasegar via the LetsVenture platform. Furthermore, many existing investors including the Chennai Angels continued to show their trust in the founders and the robust business model of VelvetCase by participating in this round as well. With this development, Shiraz Bugwadia of Uniqorn Ventures Fund will be joining the Board of Directors. Kayar Raghavan of the Chennai Angels who has been on the Board of Directors at VelvetCase.com since the first round, will continue to participate in the Board. Over the last three months, the core team has been strengthened with the hiring of experienced leaders from the likes of Amazon, MakeMyTrip and Pepperfry, says reports. With 300 plus jewellers from over 25 cities in India already using VelvetCase as their online platform of choice, the company is well poised to reach the next level of growth. The company has grown over 300 percent Y-O-Y with a unique cost-effective business model-no inventory, rich customer service, higher value product sales.