IAN injects 3 crore in jewelery startup portal Fourseven

In a recent announcement, one of India's leading investing firm Indian Angel Network (IAN) has infused a sum of Rs. 3 crore in a jewelery portal, Fourseven.
Indian Angel Network

In a recent announcement, one of India’s leading investing firm Indian Angel Network (IAN) has infused a sum of Rs. 3 crore in a jewelery portal, Fourseven. The round was lead by Sumit Dhingra and Rajiv Mehta from IAN who will also be appointed as board members in the company.
With the raised funds, the company will upgrade the back-end technology and hire more people to the team. Marketing the brand in other cities and building offline channels for brand POS will also be a priority for the Gurgaon-based company.
"The size of market is big, close to $90 billion. Also consumption of jewelery is changing where purchases are moving from investment-led to trend and fashion led. The age group of customers has come down too and people are moving from precious to semi-precious jewelery. Alongside, Fourseven's designs and sourcing network showed promise," said Dhingra on reasons for investing in the company."The initial task is to start with India and then later move to other geographies. Since it's our own brand we can list it anywhere in the world by partnering with right payment gateways."
Launched by Rebekkah Kumar, the online jewelery brand creates its designs in-house which are manufactured by seven contract manufacturers across India. Orders are shipped from a warehouse in Gurgaon where it stocks ready products. Currently it offers products across 10 categories with an inventory of little under 1000 SKUs. "50% of our catalogue is made up of charms," said Kumar, founder of Fourseven. Pricing of products ranges from Rs 500- Rs 25,000 and its primary markets are NCR, Mumbai and Bengaluru in addition to few tier 2 cities. "Once we ramp up marketing activities in tier 2 cities we will sell more there," Kumar said.
Unwilling to disclose number of orders shipped per day, Kumar said, that Fourseven currently has 40% repeat customers. The average ticket size per order stands at Rs 2500-4600. The company has recently introduced men's silver jewelery and will be expanding this line too.

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