[Funding Alert] Toqn Bags Over Rs 20 mn In Funding

The idea behind Toqn was a very simple one - to allow women to own more jewelry at a lower cost.
[Funding Alert] Toqn Bags Over Rs 20 mn In Funding

Redefining the future of jewelry, Toqn celebrates women for their versatility. The brand announced that it has raised over Rs 20 million in its initial round of funding. The idea behind Toqn was a very simple one -  to allow women to own more jewelry at a lower cost. 

The gold jewelry industry is a fluctuating one, one that does not benefit the buyer. Toqn hopes to disrupt that and make the gold buyer market more flexible and versatile. Market trends indicate that young working millennials are investing in jewelry priced way above what it is actually worth. 

The history of gold consumption dates back to when gold was considered an investment and a means to secure your future because of its resale value, however, with rising trends and sustainability concerns silver jewelry and imitation jewelry take precedence over gold. Toqn aims to change that with their cutting-edge and multipurpose jewelry line that is not only prestigious purchases but also encourages reuse and restyling. The manufacturing partner Emerald Jewel Industry India Limited,  is one of Asia’s largest manufacturers of precious metals and jewelry.

Divya Jain, Founder, and CEO, Toqn said, “It is groundbreaking for us to have proven the value of our product to our investors. We are dedicated to the cause of creating and fashioning jewelry that is beautiful and sustainable. We have the vision to change the course of gold consumption by being able to change consumer perceptions further leading to more sustainable buying patterns and trends.” 

6 months into the industry we are by all means in a nascent stage of our larger more mature outlook towards where we see Toqn as a market player. We are certainly aimed at creating new trends rather than following existing ones because of the time we have taken to research consumption patterns. As a woman who loves jewelry herself, I have always wanted to be able to fashion a line that is sustainable and versatile like us women. We aim to empower and uplift women by breaking stereotypes and creating a space for sustainable and multi-wearable pieces,” she added.

A Toqn is a single piece of jewelry that can transform into anything your heart desires, from a ring to a bracelet, a pendant, or even a lapel pin for the men who want to make a statement, owing to the different base sockets that come with investing in a Toqn. The brand brings pieces that are low investment and higher wearability, along with buy-back options in the future for the conscious consumer who believes in sustainable ownership. The brand excels in executing multifunctional wearability and convenience. 

Dhanush, CTO, Toqn said, “I am thrilled to announce that Toqn has raised $275k from Marquee Investors. We aim to utilize these funds on our working capital, education, marketing, D2C e-commerce channels as well as design and product development for newer innovations. Our growth plan for the next 3 years is pipelined and these funds will allow us to build and scale the brand simultaneously. These include - experience stores across the country, airport kiosks, and global expansion.” 

The focus on operations is to grow the design team and product offerings to keep up with the increasing market demand, then to create an excellent supply chain system, data analysis for every product and its metrics, strike deals with traditional jewelry stores and jewelry houses for better accessibility, and reach to a customer. 

Vishwas, COO, Toqn said, "We're working on our pilot NFT collection - We're launching gold-asset backed NFTs, and creating a whole creator economy around it. Designers across the world are severely underpaid and Toqn is working towards creating a royalty-based Jewelry design project that will enable designers to get access to world-class manufacturing, B2B sales channels as well as D2C sales channels and earn a royalty on every sale of their product. This will be one of the first NFT projects that will not move with the crypto market, as it is tied to the value of physical assets."

The focus of marketing is to educate the consumer about the benefits of Toqn. Toqn is a brand that helps you purchase jewelry sustainably, with more usability compared to other products at a competitive cost when compared to other gold jewelry brands. To a new consumer - Understanding Toqn and how it works may be a slight challenge, one they are ready to take on because they believe in long-term growth and fruition. 

Their marketing efforts will be to make the consumer understand the product from the first moment they see it - online or offline. Toqn firmly believes that educating their customers - existing and potential is key to successful growth and long-term successful and sustainable consumption patterns.

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