Goldsetu, a software-as-a-service (SaaS) platform for jewellery retailers, has completed its $2.3 million seed funding round (around Rs 19 crore). In the most recent round, the startup raised $1.1 million (roughly Rs 9 crore) from 2am VC, Broom Ventures, and Magic Fund.
Individual investors in the latest round included Razorpay’s Harshil Mathur, Mamaearth’s Varun Alagh, Akshay Saxena, and Zephyr Peacock’s Pankaj Raina.
Following its additional seed capital raise, the Bengaluru-based startup has announced the acquisition of business-to-business (B2B) jewellery e-commerce firm BuymyJewel for an undisclosed sum, marking its first foray into the B2B segment.
Goldsetu will use the new funds to expand its technology platform, expand B2B product offerings, and launch supply chain financing. The startup also stated that the new acquisition will help it to strengthen its B2B portfolio and expand its jewellery market penetration.
“We have access to over 5,000 jewellery outlets and an inventory of over 10,000 unique designs. We are growing 30-40 per cent month-on-month and targeting to hit an annualised revenue run rate (ARR) of $10 million in this financial year” said Vikas Verma, Co-foounder, Goldsetu.
In February, Goldsetu raised approximately Rs 8 crore in a seed financing round led by Village Global, Better Capital, Titan Capital, iSeed, and Anjali Bansal of Avaana Seed. According to the company, the funds were used to introduce new product offerings and expand into new geographies.
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