Hyderabad-based jewelry model Goyaz has raised Rs 130 crore ($14.6 million) in a Sequence A funding spherical led by Norwest Enterprise Companions, marking the corporate’s first institutional funding.

The agency will use the raised capital to broaden its retail footprint in key Indian cities, strengthen its design and manufacturing capabilities, and additional improve its omnichannel presence.

Based in January 2023 by Priyanka Vemuluri, Goyaz specialises in gold-plated silver jewelry, providing each bridal and up to date designs that merge conventional craftsmanship with trendy aesthetics.

The model positions itself as an reasonably priced and stylish different to standard gold jewelry, a class that has develop into more and more out of attain for a lot of customers amid rising gold costs. Since launch, the model has expanded quickly to 18 shops throughout a number of states.

“We’re delighted to welcome Norwest as our inaugural institutional investor. Their partnership empowers us to broaden the attain of our meticulously crafted event jewellery. Leveraging Norwest’s strategic experience, we’ll speed up development, diversify our portfolio, and deepen our presence throughout key markets. We stay steadfast in our dedication to distinctive craftsmanship and innovation, establishing Goyaz as a distinguished chief within the different jewellery sector,” mentioned Priyanka Vemuluri, Founder and CEO of Goyaz.

“With gold costs hovering, conventional jewellery has develop into out of attain for a lot of customers. Ladies right now need selection, design innovation, and authenticity — all at accessible costs. Goyaz captures this shift superbly, pioneering a brand new class of gold-plated silver jewellery that blends cultural heritage with up to date design. The founders have constructed a worthwhile, bootstrapped enterprise rising over 100% YoY— a testomony to their sharp execution and robust fundamentals,” mentioned Niren Shah, Managing Director and Head of Norwest India.

Ankit Prasad, Principal at Norwest India, added that founders Priyanka and Ravi Vemuluri have constructed “a worthwhile, tech-enabled enterprise with robust unit economics and a transparent buyer focus.”

PwC served because the unique monetary advisor, whereas JSA acted as authorized counsel to Goyaz and its shareholders.