GemPundit.com raises early stage funding
The funds will be utilised for adding a variety of gemstones, hiring talent and strengthening technology solution
Mumbai: GemPundit.com, a Gurgaon-based company that sells precious and semi-precious stones online. raised an undisclosed amount from a group of investors, founder Nitin Yadav said. The amount of funding is less than $1 million, according to Yadav.
The funds will be utilised for adding a variety of gemstones, hiring talent and strengthening technology solution. The company that was started in 2013 sells loose gemstones and gemstone jewellery across 40 different categories. “We have nearly 10,000 SKUs (stock-keeping units), and are now planning to add 5,000 SKUs every month," Yadav said in a phone interview.
There are 40 varieties of gemstones and gemstones jewellery that the company sells online. The company has its own inventories and also sources the stones from 5-10 vendors that have partnered with the firm.
The firm is targeting Rs25 crore of revenue and looking to raise another round of funding by 2015. According to Yadav, the jewellery market in India is pegged at $30-35 billion—15% is the share of diamonds and 8% that for gemstones; the market abroad for gemstone is worth $25 billion.
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